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Portman moves into equity release with lifetime loan

Portman Building Society is entering the equity-release market by offering a lifetime mortgage.

Although initially available only through its branches and call centre, the society says it is considering extending the product to IFAs.

It says branch staff have been trained on the product and the market, which can be complex, so it is focusing the mortgage on that channel but will look at extending it to intermediaries once it gauges demand.

Portman has just completed a regional pilot of the product in 27 branches in Dorset and Hampshire and says it is going national to capitalise on the increasing number of retired people aged over 65 with equity tied up in their houses.

Voluntary regulator Safe Home Income Plans has app-roved the product which Portman says offers the best fixed rate on the market at 7.09 per cent compared with Legal & General&#39s rate of 7.19 per cent and Norwich Union&#39s rate of 7.55 per cent.

Portman press officer Lynsey Hallam says: “We are offering the best fixed-rate equity-release mortgage on the market.

“Add to this the no negative equity guarantee and homeowners will struggle to find a better all-round fixed deal.”


&#39Danger&#39 survey is slammed by IFAs

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NU sales down by 7% in &#39challenging conditions&#39

Norwich Union is warning that tough market conditions are set to continue after its new business figures fell slightly in 2002. Total UK sales of £7.4bn last year were down by around 7 per cent from £8bn in 2001. The trend was reflected internationally, with parent Aviva posting worldwide new long-term sales of £14.6bn, down […]

Don&#39t miss &#34carry-back&#34 deadline says Jupiter

People saving for retirement should take advantage of their carry-back pensions tax-break before the January 31 deadline says Jupiter.Jupiter estimates some individuals approaching retirement could contribute up to £38,160 and claim tax relief worth up to £15,264 at 40 per cent tax.Jupiter unitised pensions development director Colin Maloney says: &#34Whilst &#39carry forward&#39 was abolished last […]

Bristol & West – Guaranteed FTSE Bond

Monday, 27 January 2003 Type: Guaranteed equity bonds Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £2,500-£1m Term: Three or five years Guarantee: Capital returned in full regardless of the performance of the index Return: Up to 100% of growth Closing date: April 5, 2003 Commission: Initial 2.5% Tel: 0845 […]


Guide: 10 required letters — what to send, to whom and when?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication.


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