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Scot Wids launches offset mortgage

Scottish Widows Bank has launched a two year fixed rate offset mortgage product enabling customers to offset against a fixed rate until October 31 2008.

The option to offset was previously only available to customers on a variable, tracker or discounted product.

The rates will be 5.45 per cent for up to 95 per cent and 5.99 per cent for above 95 per cent. The Bank will be distributing an offset calculator to its IFA database of 4,500 brokers from 18 September.

Head of product development and marketing Murdo McHardy says: “With base rate movements at the back of everyone’s minds, it is important for lenders to support their customers by offering more security in their products to those that want it.

“In the current climate, this new product offering will not only provide a welcome safeguard of a fixed rate, but also the flexibility of an offset product that ensures your savings are consistently working to reduce your mortgage.”


IMA attacks ABI fund plan as a ‘lottery’

The Investment Management Association dismisses the “insurance industry model” for personal accounts as a “lottery” and backs the Pension Commission’s proposals for a centrally administered personal accounts scheme. It says default fund provision based on competing branded providers could create “a lottery” of uneven outcomes for savers as they are forced to choose the default […]

Simon Wombwell

If Scottish Widows Investment Partnership head of UK distribution Simon Wombwell ever tires of life in financial services, he always has the option of applying for the manager’s job at his beloved Sheffield Wednesday.

Portman deal will make Nationwide second-biggest lender

Nationwide Building Society will become the second-biggest mortgage lender in the UK once its merger with Portman is finalised next year. It will leapfrog Abbey and Lloyds TSB in the pack behind runaway leader HBOS at the top of the mortgage lending league. The merger between Nationwide and Portman is expected to be completed in […]

The conversion of Paul

Informed Choice managing director Nick Bamford describes how a client comes to see the light on the benefits of consolidating his various pension plans into one Sipp

Tax avoidance (the fight goes on)

In recent times, we have witnessed high-profile celebrities and sports stars make the headlines for potential tax liabilities on ‘failed’ tax avoidance schemes. We are now used to reading about these individuals, but what about those who advise on such schemes? Read more


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