View more on these topics

ScotLife Mortgages facing the axe

Royal London is planning to close Scottish Life Mort-gages following a review of its operations.

No timeframe has yet been outlined for the proposed closure and talks are still to be held with employees but it is expected to affect 10 staff.

Royal London head of corporate affairs Gareth Evans says SLM is not getting the volume of business needed to continue keeping the operation open.

After a review of SLM at the end of last year, Royal London gave the firm six months to get the operation into shape. Evans says it is doubtful that Royal London will re-enter the mortgage sector if SLM closes.

All current mortgage applications with SLM will continue to be processed through to completion.

Evans says: “Scottish Life Mortgages&#39 recent fin-ancial performance and the increasing demands that will be imposed by new mortgage regulation on October 31 lead us to conclude that it will be very difficult for the firm to continue as a viable business.”

Recommended

Alliance & Leicester – Two Year Discounted Rate Standard Package

Type: Discounted-rate mortgage Discounted term: Two years Discount: 2.4% Payable rate:4.44% Minimum loan: £15,000 Maximum loan: Up to 95% of valuation subject to a maximum of £250,000 Income multiples: Up to 95% of valuation &#45 up to 3.3 times principal income plus second or 2.75 times joint, up to 85% of valuation &#45 up to […]

Desktop delivery

The advent of mortgage and general insurance regulation is forcing dramatic change on those sectors. From October 31 this year and January 14 next year, mortgage and general insurance practitioners respectively will have to document how they have followed specific processes as they advise clients. Two weeks ago, I had the opportunity to look at […]

Hogarth says Sandler offers chance for new recruits to gain experience

IFAs should use depolarisation as a chance to recruit fresh blood into the business, says Bankhall joint chief executive Paul Hogarth. He told the Sway conference in Monaco last week that depolarisation will present the perfect chance for new advisers to be recruited. He believes new business models being presented by the change could help […]

Pink Home Loans – BM Solutions Flexible Self-cert Tracker

Type: Flexible self-cert tracker Tracker rate: 1.5% above Bank of England base rate Tracker term;Life of loan Minimum loan: £25,001 Payable rate: 6.25% Maximum loan: Up to 85% of valuation subject to a maximum of £350,000, up to 80% of loan subject to maximum of £500,000, up to 75% of valuation subject to a maximum […]

Globe - thumbnail

Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment