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Pru fixes lifetime loan rate at 6.45%

Prudential has set the fixed rate on its lifetime mortgage property value release plan at 6.45 per cent.

The valuation fee is from 209 to 529 depending on property value but will be waived for customers submitting applications before March 31, 2006. Commission is either 400 or 1 per cent of the initial loan, whichever is greater.

Pru is offering an online calculator which allows advisers to compare the benefits of flexible drawdown versus a single lump sum.

The company claims that, even when the headline interest rate is higher, clients who are using the flexible drawdown facility could be able to save considerable amounts of interest.

Pru claims its fixed rate will prove competitive against lump-sum providers, offering a lower rate because the client could save interest by taking the loan in stages rather than all at once.

All mortgage applications will be handled by Global Home Loans.

Pru director of lifetime mortgages Ali Crossley says: “The lifetime mortgage market has been in need of a shake-up for some time. When we first announced the details of our product, we had a positive reaction from customers, advisers and even competitors. We expect the level of interest from advisers over the coming weeks to reflect this.”


Bolt-off fund

What with Fidelity having decided to take the machete to its special situations fund, the industry is awash with rumours concerning who will step into Anthony Bolton’s shoes and what new name the portfolio is to be blessed with. The following titles have been suggested to the Diary: Fidelity Situations Vacant Fund, Fidelity Not So […]

Jupiter is Unipass favourite

Jupiter is the fund firm that most advisers want to use the Unipass security certificate to conduct transactions with, says Origo. Research by the industry standards body shows that 53 per cent of advisers would like to use Unipass standards with Jupiter, followed by Fidelity (13 per cent), Gartmore (9 per cent), Invesco (8 per […]

Barclays picks Assureweb

Barclays has selected Assur-eweb as the portal to be used by its 800 financial planning advisers who previously used The Exchange. It is the second-biggest deal from the portal since it was bought by five providers in July. It says a number of deals are also in the pipeline. Assureweb will provide a comparative quotation […]


F&C appoints new director in equities research

F&C Asset Management is recruiting Jennifer Byron to its UK equities team as associate director, equity research. Byron will focus on consumer staples such as beverages, food producers & processors, and tobacco. She joins from Bank of Ireland Asset Management where she was European equity manager. Byron will now report to F&C head of pan-European […]

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


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