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Second offer of Standard mortgage

Standard Life is offering a second tranche of its 25 year capped-rate Futureperfect mortgage which IFAs can sell before it is introduced to the public.

Standard Life Bank says the move is in response to the overwhelming demand from IFAs for the first tranche.

Futureperfect&#39s rate is capped at 6.49 per cent for the life of mortgage. It will be available from August 11.

Standard Life Bank first launched the US-style 25-year capped-rate mortgage in June.

Within two weeks, the bank sold more than £200m of funds to more than 2,500 homeowners.

The mortgage has a maximum loan to value of 90 per cent on loans of between £25,001 and £350,000. Interest is calculated on a daily basis. The loan is portable and there is a contribution of £200 towards legal fees.

IFAs get 0.32 per cent of the size of the loan.

Sales manager Alan Dring says: “This is the second chance for IFAs to provide homeowners with a lifetime cap on their mortgage payments. Many advisers used the extended term of the mortgage to undertake a comprehensive review of their long- term finances.”

Savills Private Finance managing director Mark Chilton says capped-rate mortgages are good news for borrowers. He says: “Even against the variable rate charged today by most mainstream lenders of 7.74 per cent, the annual savings would be over £1,200.”


Berkeley Alexander Safety First – 27th July 2000

Type: Accident, sickness and unemployment cover.Maximum benefit: Up to 65 per cent of income subject to a maximum of £1,500 a month.Benefit payment term: 12 months.Deferred period: Choice of 30 or 60 days.Premium: Unemployment-only or disability-only cover: 30 day deferred – £2.95 per £100 monthly benefit, 60 day deferred – £2.70 per £100 monthly benefit. […]

Rowan & Co joins forces with City Financial Managers to bring dynamic theme fund unit trust

Rowan & Co has joined forces with City Financial Managers to bring the dynamic theme fund unit trust.A fund of funds administered by City Financial with the investment management carried out by Rowan & Co, it will invest in 15 different technology related funds. These include funds initially from Gartmore, Framlington, Mercury and Aberdeen. The […]

Scottish Amicable uses website to plug mortgage protection product

Scottish Amicable is using its website to plug its&#39 new mortgage protection product.Called mortgage protection it is designed to be either level term assurance or decreasing term assurance.Individuals can mix and match the cover they want from mortgage protection. It enables them to pick elements from a list that includes unemployment cover, critical illness cover, […]

Evergreen Retirement Assurance Enhanced pension annuity – 19th June 2000

Minimum investment: £10,000.Minimum age: 50.Income frequency: Choice of monthly, quarterly, half-annually or annually.Charges: None.Options: Dependent&#39s benefit, retail price indexation option, payment guarantee.Commission: Fee-based or flat rate of 1 per cent.Tel: 0845 333 3321.

Greece: the sideshow continues

Artemis managers James Foster, Mark Page and Laurent Millet comment on the Greek deal, describing it as “just another fudge” getting in the way of bigger developments in China, the UK and the US. To read the full article click here.


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