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Profits boosted at Northern Rock

Northern Rock has increased its pre-tax profits to £295 million for the year ended December 31, up 18 per cent from the previous year&#39s figure of £250m.

Its profit after tax increased to £205m from £183m.

Northern Rock says it achieved record gross lending of £8.9 billion, up 39 per cent from £5.8m and record net lending of £5.1bn, up 42 per cent from £3bn.

It now has a 7 per cent share of the UK net mortgage lending market.


ProAct sets up network backed by big life office

Financial services lawyer Pro-Act Legal is setting up a not-for-profit mutual IFA network with backing from a top six life office.The Transparent network is targeting IFAs who are disgruntled at the high compliance costs of their existing networks by offering a menu of fixed-price services and does not charge a percentage of the IFA&#39s commission.The […]

Genesis Home Loans discount mortgage

Discounted term: until 06/2003Discount: 1.6% Payable rate: 6.775%Minimum loan: £25,001Maximum loan: £200,000 Income multiples: 3.5 times principal income plus 3 times jointArrangement fee: £395Redemption fee: 6% in 1st and 2ndyear, 5% in 3rd year, then 1 month notice or 1%amount redeemedConditions: remortgage only, self-cert, CCJ&#39s max £3000 perapplicant Introducer&#39s fee: 1.5%, min £650 max £7500Tel: […]

Charter board in fight for control of trust

The board of Charter European trust is calling on its investors to square up to three of its giant shareholders who want to take over its management.A battle has broken out over the £450m trust after shareholders Henderson, Standard Life and Equitable Life proposed last month to oust current manager Dresdner RCM and put the […]

Sales of flexible mortgages up by 80%

Sales of flexible mortgages, which combine mortgage and savings accounts, rose by 80 per cent to £42bn in 2001 from £8.4bn in 2000, according to research by Britannic Money.The survey of 53 brokers found that sales are set to inc-rease by another 40 per cent this year to £54bn.The research revealed flexible mortgages account for […]

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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