View more on these topics

Pink plays safe with five-year fix

Pink Home Loans has introduced a five-year fixed rate mortgage that is available to all borrowers for loans of up to 95 per cent of valuation.

The mortgage has a fixed rate of 5.99 per cent and has a maximum loan of 95 per cent of valuation. Borrowers who pay the mortgage off during the fixed rate period must pay 7 per cent of the sum repaid in year one, 6 per cent in years two and three and 5 per cent in years four and five as an early redemption penalty.

A mortgage indemnity guarantee (MIG) is payable on loans above 85 per cent of valuation and the rate for this is 7.25 per cent on loans from 85 to 90 per cent of valuation. The rate is 8.65 per cent on loans from 90.01 to 95 per cent.

According to Moneyfacts on August 13, 2001, Leeds & Holbeck has a five-year fixed rate mortgage available for loans of up to 95 per cent of valuation, but it has a more competitive fixed rate at 5.69 per cent until November 1, 2006. Borrowers who redeem this mortgage during the fixed rate period must pay six months&#39 interest in the first three years and three months&#39 interest in years four and five.

A MIG is payable on loans above 90 per cent of valuation at the rate of 8.95 per cent. This is a higher rate than Pink Home Loans, but the positive side is that is does not apply to borrowers with loans under 90 per cent of valuation.

A borrower with a 90 per cent mortgage on a property worth £100,000 would pay no MIG with Leeds & Holbeck, but would pay £1, 087.50 with Pink Home Loans.


Health boom on the way as survey reveals concerns

The UK healthcare market could be set to boom as a survey reveals thatnearly six million people in the UK are worried that they do not haveadequate health insurance. Legal & General&#39s latest consumer intentions survey of over 1,000 adultswas carried out across the UK in June and reveals widespread concern. A key finding is […]

Abbey&#39s Tugendhat in storm over EDM denial

Abbey National chairman Lord Tugendhat has walked into a storm ofcontroversy after telling shareholders that he had no knowledge of aParliamentary early day motion which attacked the bank&#39s repossessiontactics. Liberal Democrat MP Michael Hancock tabled an EDM on debt recovery lastOctober – signed by 52 MPs – criticising Abbey for using “unacceptable”methods of trying to […]

N&P hears the call of Spanish mortgage market

Norwich & Peterborough is flying south with the introduction of a new addition to its range of Spanish mortgages.The mortgage is aimed at three types of clients. First the British expatriates living in Spain and Gibraltar, second the Gibraltarians and third people in Britain who want to retire to the south coast of Spain and […]

General practitioner vs specialist

For many years, there has been a debate about the relative merits of general practitioner v specialist. The GP will argue that he or she can provide a one-stop service offering holistic financial planning.The specialist will argue that it is necessary to specialise as it is becoming more difficult to keep up to date with […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm