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Private Label fills gap

Private Label is filling a gap in the market with its 3.49 per cent one-year fixed rate mortgage.

The flexible fix mortgage is available for loans of up to 90 per cent of valuation and allows borrowers to underpay, overpay, take payment holidays and make lump sum withdrawals. This gives a better degree of flexibility than some flexible mortgages. But the down side is that there is an extended tie-in so borrowers who redeem in the first three years must pay three months&#39 interest and there is an arrangement fee of £325.

According to Moneyfacts on December 19, 2000, the Private Label flexible fix mortgage has a lower interest rate than its nearest competitor, the Yorkshire Building Society mortgage, which is a one-year fixed rate flexible mortgage at 5.99 per cent.

The Yorkshire Building Society mortgage has the same degree of flexibility as the Private Label mortgage and although it has a higher interest rate, it has the advantages of having no early redemption penalties, free accident, sickness & unemployment insurance for six months and an arrangement fee of £100, which is lower than the Private Label mortgage.


Julian Gibbs

Most forecasters do not expect any of the major stockmarkets to show much return in 2001. As interest rates look likely to come down, this means high-interest returns will be even more difficult to find. One alternative is to buy high-yielding corporate bonds which might give overall returns of 8 to 9 per cent with […]

Flexi mortgages set to dominate in the near future

The year of the millennium was hardly a landmark for mortgages. After a flurry of product innovation in preceding years nothing really new appeared during 2000. The flexible mortgage continued its march towards market dominance but Standard Life Bank did not repeat their major market success of 1999. It didn&#39t take the others very long […]

Zifa mortgage business up 50 per cent

Zifa announces it has doubled its mortgage introduction business this year to £600m from £300m in 1999. The latest CML figures indicate there has been a decline in mortgage business over the last quarter but this doesn&#39t seem to have affected Zifa. This is the second year, Zifa has been active in the mortgage introduction […]

Best Advice

Ken recently enjoyed a share bonus of around £2m net from his employer. Apart from covering school fees and his mortgage, he wants his wife to be able to cease working but to have her own income from investments. He would also like to have enough to invest in a second property. Please could you […]


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