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Sixty nine per cent growth for equity release in 2003

Figures from the Council of Mortgage Lenders show that lifetime mortgage lending grew by nearly 69 per cent in 2003.

The CML says that over 25,000 lifetime mortgages worth over £1bn were advanced in 2003, up from 16,300 mortgages, worth £655m, in 2002.

Senior policy adviser Jackie Bennett says: “Lifetime mortgages represent just a third of one per cent of the total mortgage market, although business is growing rapidly. We see lifetime mortgages as a growth area, as older home-owners increasingly tap into their housing equity to fund a more financially secure old age.”


Standard can keep IFAs&#39 support

Standard Life has long been seen as an insurer that IFAs could recommend with certainty in their hearts over strength, reliability and good service. But confidence in Europe&#39s biggest mutual has been dented by its discussions with the FSA over the new realistic reporting regime and its strategic review into its mutual status. A recent […]

Noble & Company – The Capital Pub Company 2

Type: Enterprise investment scheme Aim: Growth by investing in the acquisition, development and operation of pubs in and around the Greater London area Minimum investment: Lump sum £3,00 Opening/closing date: January 29, 2004-April 5, 2004 for 2003/2004 tax year, June 20, 2005 for 2004/2005 tax year Charges: Initial up to 7.75% Tel: 020 7367 5606

Payouts fall by 6% at Friends

Friends Provident is cutting payouts on with-profits policies by an average of 6 per cent despite the fund showing growth for the first time in three years. A 65-year-old male paying £200 a month into a conventional with-profits personal pension over 20 years will receive £127,273, down from £146,373 in August last year. A male […]

PTI appoints Richard Garland to head assault on health care markets

Personal Touch Insurance has appointed Richard Garland to set up its new specialist healthcare “supermarket” for intermediaries. Garland will become PTI health care director, having 20 years experience in the financial services industry, including being national account manager at BUPA. PTI is working to develop a network of financial services “superstores” in every town to […]


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