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Sub-prime customers sent to Coventry

Coventry Building Society has today launched into the sub-prime mortgage market, after announcing its intention to do so earlier this year.

It is offering what it calls near prime, extra light and light adverse deals. It also claims to be the only top 20 mortgage lender to offer all of its introducers credit impaired products with no early repayment charges.

Head of sales Colin Franklin says: “We believe this is a completely fresh approach to credit impaired lending by offering products without any early repayment charges across our whole range. We have listened to our introducer contacts and are determined to provide the flexibility they want for their clients which has been so absent from the market.

“We are filling an important gap in our mortgage portfolio. If a client qualifies for a standard residential mortgage instead of a credit impaired mortgage, the system will automatically move the application to the correct product range.”


Dampier says IFAs are underpaid

Hargreaves Lansdown head of research Mark Dampier says sales and marketing employees in the financial services sector often earn far more money than they deserve while IFAs are often underpaid. Dampier believes the fin-ancial sector as a whole rewards average performance with big salaries and bonuses and that in turn IFAs are relatively underpaid for […]

UBS appoints Cox to run UK Select fund

UBS Global Asset Management has appointed Matthew Cox to run the UBS UK select fund.Cox replaces Paul Fairbrother who moves to the pan-European equity team as head of portfolio construction.Cox has 10 years investment experience and has been at UBS for the last five. He is currently an analyst and portfolio manager on the European […]

Fears that pension mobility will lead to dumbing down

The European pensions portability directive could threaten the provision of attractive occupational pension schemes. The directive, published last October and likely to be implemented in the next two years, is designed to reduce the obstacles to pension mobility caused by occupational scheme rules. Schemes will be obliged to accept pension transfers from individuals, even if […]

Bradshaw blasts reinsurers’ role

Reinsurers’ domination of the protection marketplace is detrimental to insurance companies and consumers, warns former Abbey chief Paul Bradshaw. He says the majority of protection business is supported by capital from a small number of reinsurers and he says this means that while consumers are subject to two lots of marketing from the provider and […]

Solving the income puzzle

There is a puzzle at the centre of financial markets. The global economy is growing, there are signs of inflation and interest rates are going up, yet yields remain low. In this article, James Foster, manager of the Artemis Monthly Distribution fund, unpicks this conundrum and looks at where investors can find income. There is […]


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