Loughborough Building Society has withdrawn a mortgage that could have cost it dearly with 10,000 cashbacks being offered to borrowers.The variable rate deal of 6.1 per cent offered 7 per cent cashback up to 10,000 with no early redemption charge on the mortgage. Customers with equity in their homes could haved remortgaged and repaid the entire amount almost immediately, making 10,000. Chief executive Stephen Peete says: “A mistake has been made and the product has been withdrawn. The reports that we could have lost millions have been exaggerated. We are a small society and the 2m that we had set aside for this deal is tiny. We have no cashback products at the moment but are looking to launch one in November.” Mortgage Force chief executive Rob Clifford says: “Cashback options are widely available but the redemp- tion penalties usually make the cost of making payments prohibitive. Some people take the cash and put it in an offset account – and I say why not?”
Abbey For Intermediaries/Knight Frank
Residential Property Plan
Mortgage Trading Exchange is now available to all introducers in the UK following a roll-out of MTE stand-alone.Every mortgage introducer will now be able to use the MTE regardless of what sourcing orpoint of sale systems they are currently using.Rather than using various lender websites, each of which work in different ways and may require […]
As a head of inheritance tax planning, I assume Peter Legg to be someone deeply immersed in the subject of IHT planning by the use of trusts so I will try to be circumspect in my comments on his letter in Money Marketing last week headlined, Trusts are the perfect solution. It seems to me […]
The NAV of the Murray Income trust has risen 23.6 per cent over the year, 4.9 per cent ahead of the FTSE all-share which rose 18.7 per cent. The trust proposes a final dividend of 5.65p, making a total dividend of 19.15p, an increase of 4.9 per cent on the previous year.
Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.
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