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Standard Life pays off 1% of loan capital every two years

Standard Life Bank is offering a capital reward mortgage which promises to pay 1 per cent of a customer&#39s outstanding capital every two years for the full term.

The product has a current standard variable rate of 5 per cent for loans to value of up to 90 per cent, rising to 5.2 per cent on LTVs of 95 per cent.

Maximum loan on the product is £750,000, subject to a maximum LTV of 75 per cent.

Once the bonus is paid into the mortgage account, borrowers can withdraw against it for their own purposes. Withdrawals have to be at least £1,000, which means the minimum loan would have to be £100,000.

Arrangement fee is £150. The loan must be repaid by 65. Overpayments of at least £1,000 are permitted.

Director of sales and marketing David Macmillan says: “Other lenders may focus on the benefits of overpayment. We are taking this further by overpaying for our customers by giving a regular 1 per cent bonus every two years on the outstanding capital.

“If customers continue to pay the same monthly amount as before, they, too, will be overpaying.”


5.45% fix for non-conforming loan

Specialist lender Mortgages Plc has introduced a 5.45 per cent fixed rate across its range of non-conforming mortgages. The rate is fixed until March 31, 2003 and is available on loans up to 90 per cent loan to value. Right to buy mortgages are excluded. Redemption penalties are 6 per cent for the first three […]

Lawyers say CP121 may be open to a legal challenge

Leading financial services lawyers are claiming CP121 could be open to legal challenge as IFAs would be forced to operate at a disadvantage to their European counterparts.At present, CP121 states that intermediaries have to be fee-based or operate the def-ined-payment system to remain independent. But the European Commission&#39s recently published draft investment services directive says […]

FSA is accused of U-turn on single-pricing

The Investment Management Association has accused the FSA of a U-turn on its single-pricing policy and claims its latest plan will confuse investors.The IMA claims the FSA has been committed to a man-datory single-pricing structure since 1995 when it indicated it would extend the pricing regime for Oeics, Catmarked funds and stakeholder to unit trusts.The […]

&#39Quality mark could boost stakeholder&#39

Legal & General is calling on the Government to award firms which contribute to stakeholder for staff with an accreditation markThe company says the Approved Retirement Planning mark could become a recognisable tool for recruitment and marketing purposes.As part of a series of proposals which are aimed at improving stakeholder contribution rates, L&G says the […]


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