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Private Label caps for election volatility

Private Label is launching a capped mortgage as it belie ves the forthcoming general election may result in volatile interest rates in future years.

The general election cap mortgage has a three-year upper limit of 5.99 per cent and no lower limit, so borrowers will benefit from any reductions that may be made in interest rates.

The loan has no red emption charge during or after the capped period.

It is available up to 95 per cent loan to value or 99 per cent loan to value including add-ons such as solicitors&#39 fees.

There is no mortgage indemnity guarantee cha rge up to 90 per cent LTV and no requirement for paper references.

Income multiples are 3.25 times first income plus second or 2.75 times joint income.

Intermediaries will receive a procuration fee of 0.35 per cent of the loan, paid directly by the lender after completion. Minimum fee is £200.

Director of marketing Tony Fisher says: “The market is due for a shake-out over the next few years as big mortgage incentives are drop ped and a general election is held.

“Against this uncert ainty, IFAs should be advising customers to take penalty-free mortgage products to maximise their options.”


Wesleyan wins MoneyFacts awards

Wesleyan Assurance Society has won two awards from MoneyFacts, the life and pensions data publication. Wesleyan was named as top performer over 25 years in the latest quarterly survey of with-profits personal pensions. Wesleyan also won the award for top performance over 10 years for its with profits bond past performance. Wesleyan managing director Jim […]

Fidelity&#39s action starts the great rebate debate

Fidelity&#39s decision to take a stand against brokers which rebate trail commission has been the talk of the investment industry for the past week. But while most IFAs and fund managers applaud the move, their reasons for doing so are very different. Most IFAs value trail commission, especially in view of the forthcoming stakeholder era […]

MPs question role of Civil Service in debacle

MPs are demanding to know the role played by long-time civil servant turned regulator Martin Roberts in the Equitable Life debacle. Roberts was head of life insurance with the DTI from 1989 until 1992. He moved to another role in the department until 1998 but then became director of insurance at the Trea sury in […]

Clerical opts for flexibility on bonds

Clerical Medical is offering four bond products designed to appeal to particular market segments and give IFAs flexible commission rates. They are the flexible, with-profits, investment and distribution bonds. The flexible bond gives investors the choice of the whole range of funds covering unit-linked funds and with-profits. There is a range of charging structures and […]


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