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Rock offering 90% LTVs for first-timers

State-backed bank Northern Rock has launched a range of 90 per cent loan-to-value mortgages aimed at first-time buyers.

The range includes a two-year fixed rate mortgage at 5.99 per cent, a three-year fixed rate at 6.49 per cent and a five-year fixed rate at 6.59 per cent.

There are no product fees for any of the products in the range, which is available both direct and through selected intermediaries.

The move marks the lender’s first return to higher LTV lending since it was rescued by the Government three years ago.

Before it received state support the lender was well known for its aggressive lending strategy, which gave rise to a 125 per cent LTV product.

Your Mortgage Decision director Dominik Lipnicki says: “The more lenders that do 90, and hopefully 95 per cent LTV deals the quicker the housing market will get moving again. Without first-time buyers, everything stays where it is.”


Yorkshire triples lending and boosts profits

Yorkshire Building Society tripled its mortgage lending last year to £2.8bn from £936m in 2009. The society, which comp- leted a merger with Chelsea Building Society in April 2010, made a £115.4m profit last year after a £12.5m loss in 2009. Total assets increased year on year by 32 per cent to £30.1bn from £22.7bn. […]


FSA sends out network business model warning

The FSA has warned that the network model presents a potentially growing risk of consumer detriment due to weaknesses with systems and controls and pressure on income. In its first Retail Conduct Risk Outlook, published today, the FSA says networks are under pressure financially, and warns that there are issues with networks’ oversight of members. […]

Axa fund buys into Russia and Mexico

Julian Thompson has increased the Axa Framlington emerging markets fund’s exposure to Russia and Mexico since he was appointed portfolio manager in December. Thompson joined Axa from Threadneedle, taking over the management of the fund from Mark Beveridge.
He plans to double the size of the emerging markets team by the end of this year.

 He […]


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