View more on these topics

Principality steps down for new mortgage

Principality Mortgages has introduced the three-year stepped rate discount mortgage.

The mortgage has a discount of 1.66 per cent for the first two years of the mortgage for loans of up to 95 per cent of valuation, giving a payable rate of 4.79 per cent. After this it steps up to a discount of 0.66 per cent until August 31, 2006. The maximum amount that can be taken out for remortgagers is 90 per cent of valuation.

The mortgage also has a redemption penalty of 3 per cent of the advance for the discounted period and comes with compulsory buildings and contents insurance.

The housing market still appears to be buoyant. According to a recent report from the Royal Institution of Chartered Surveyors, in May 2001 4 per cent of chartered surveyors in Britain reported falls in house prices, 32 per cent reported no change and 64 per cent reported rises.

According to Moneyfacts the most competitive five-year stepped rate discount mortgage is from Monmouthshire Building Society. This has a 3 per cent discount in the first year for loans of up to 80 per cent of valuation. It then steps to a 1 per cent discount for the next four years. The mortgage has redemption penalties of the reclamation of the discount, and comes with free accident sickness and unemployment insurance for the first six months of the loan. However unlike the Principality mortgage, the Monmouthshire product is only available in Wales and the border counties.

Recommended

GE to set up new brand after £75m NatMut buy

National Mutual has been bought by GE Capital in a deal worth £570mwhich will see it merged with GE Life to create a new IFA specialistpension brand. The brand will be created under the GE name which will build on NatMut&#39sexpertise in Sipps. NatMut as a brand name could disappear. GE Life already operates in […]

Self Trade launches funds supermarket

Online sharedealer Self Trade is today launching a fund supermarket offering 270 funds.The launch follows on the heels of supermarket offerings from Charcolonline and AMP&#39s Ample.Self Trade, a subsidiary of Germany&#39s DAB Bank , is offering funds from eight providers, but says more are to follow. The Self Trade site is aggregated, meaning users can […]

Garden is the top priority for two-thirds of buyers

Over two-thirds of homebuyers say a nice garden is the most importantthing they look for when searching for a house, according to Alliance &Leicester. The bank&#39s movingimproving index has found that a well-kept garden islikely to sway the decision of the majority of house-hunters, with manypeople looking to move from cities to more rural surroundings. […]

Zurich in U-turn on gay cover

Zurich Life is to offer life insurance to gay men for the first time in apolicy U-turn that follows media criticism of its procedures. It changed its policy after it told an online survey by gay websitequeercompany.com that it would not insure gay men. The survey led the ABIto call for life companies to reassess […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com