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Standard Life Bank caps the market for a quarter of a century

Standard Life Bank has introduced the third tranche of funds for its 25-year capped rate mortgage, Futureperfect.

Futureperfect has been capped at 6.59 per cent for loans of up to 90 per cent of valuation for the life of the mortgage. Whenever Standard Life Bank’s standard variable rate falls below the capped rate, Futureperfect will track it downwards, but should it go up it cannot rise higher than the capped rate.

Standard Life bank has targeted the mortgage for homeowners who do not want to be worried by how much their mortgage payments are, and who want to budget by making sure that they never pay more than the capped rate amount.

This is a unique product as, according to Moneyfacts on February 1, 2001, there are no other 25-year capped-rate mortgages on the market. However the early redemption charges are quite steep. If the borrower redeems in the first year the charges are to ten months’ gross interest, falling to eight months in the second year, seven in the third, six in the fourth and five in the fifth.


IFAP hotline adds up to £14m to IFA commission

IFA Promotion says it generated up to £14.5m of business for IFAs and at least £6m profit for product providers last year. IFAP says its consumer hotline brought in between £8m and £14.5m of commission for IFAs in the year to September and a record 107,680 people contacted IFAP to get contacts details of three […]

Outside View Robert Reid

Ever since the title Independent Financial Adviser came into use, we have had change after change with the management consultants predicting the end for IFAs, only to find them prospering. But now is not like the other times. After all the rhetoric, this is the real test for Aifa. If it fails to secure robust […]

Stroud & Swindon launches combined fixed tracker mortgage

Stroud & Swindon Building Society is launching a combined fixed rate mortage which switches to a tracker product. The mortgage will be available over the internet and telephone through its SSBS Direct arm. The product offers an initial fixed rate of 3.95 per cent to July 2002, followed by a tracker rate of 0.95 per […]

Assuresoft offers free site upgrades

Assuresoft is offering to upgrade all the IFA websites created through its IFA Window service free of charge to improve its online presence. The company says over 1,000 websites have been created using IFA Window and they will be upgraded automatically. IFA Window provides intermediaries with websites and it will offer a bigger menu of […]

‘How to…audit your auto-enrolment scheme compliance’

Avoid pension penalties with our auto-enrolment checklist

According to the Pensions Regulator’s annual commentary and analysis report released this month, 785 potential non-compliance cases were referred for investigation, with 23 auto-enrolment compliance notices issued. And they predict that the use of their statutory powers is only going to increase.


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