View more on these topics

Product matters

Bank of Ireland last week launched a new range of mortgages aimed at those looking to borrow between £1m and £2.5m.

It will lend up to four times single income or 2.75 times joint with a maximum loan to value of 70 per cent up to £2m and charge no arrangement fee.

The rates are not as keen as core products, so Bank of Ireland is focusing on the premium service. Intermediaries have direct access to dedicated underwriters who have a good understanding of complex income streams, essential for loans of this size.

The range consists of five different rates including two and three-year discounts and three and five-year fixes, but one to highlight is the flexible lifetime tracker at 0.75 per cent above base rate.

It is currently lower than both their discounts and offers greater flexibility with no early repayment penalty at any time. It is an attractive product and could be used to provide an overpayment facility by mixing and matching with another product.

Other lenders looking to attract more big-ticket business are Halifax, which has recently increased the maximum loan size on its core range to £2m, and Accord Mortgages, which has a new Elite scheme. It has a maximum loan of £5m and a current discount rate of 5.19 per cent and is principally aimed at directors of FTSE 100 companies and again focuses on the service.

It aims to issue a mortgage offer within five working days and does not need income references as they can use public information. The arrangement fee is 0.1 per cent of the loan.

David Hollingworth is a mortgage specialist at London & Country


LIA plan for move to fees would seal fate of IFA sector

I was speaking recently with the chairman of one of the country&#39s bigger IFAs. Both of us get the impression from an article in the June 24 edition of Money Marketing that the LIA wants to see and end to commission in favour of fees. If this is the case, it would be an understatement […]

Kensington announces results

The Kensington Group has reported a strong performance in the first half of 2004, with new business volumes of more than £1bn and the mortgage portfolio now standing at £3.5bn. Kensington are increasing the interim dividend in line with a progressive dividend policy that increases returns to shareholders as the business grows. Chief executive office […]

BDS Mortgage Group receives MTA

BDS Mortgage Group has announced it has received its minded to approve letter from the FSA. The MTA covers all categories applied for and BDS hopes to receive full authorisation no earlier than August 2004. Group head of compliance Bruce Collins says: “This is fantastic news. We worked hard to submit our application in advance […]

Manchester Building Society receives MTA

Manchester Building Society Mortgage Brokering Services has received its minded to approve letter from the FSA. General manager Neil Armitage says he is “delighted” it has received the letter relatively quickly and that he thinks it is one of the first smaller networks to do so. He says: “It will help with our recruitment of […]


Britain's “Forgotten Army”: The collapse in self-employed pension membership – and what to do about it

Pension scheme membership among employees has risen by more than five million in the past four years because of the policy of automatic enrolment into workplace pensions. But Britain’s army of 4.4 million self-employed people, who account for one in seven of the workforce, are not covered by automatic enrolment. Pension coverage among the self-employed […]


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