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Three quarters of Chelsea customers to pay loans off early

Nearly three quarters of borrowers plan to repay their loan early according to a survey from Chelsea Building Society.

The society says 72 per cent of its Flexiplan customers say they hope to repay their mortgage earlier than the agreed terms. Chelsea says they have chosen the Flexiplan Discount Mortgage because it allows for overpayments.

The survey was conducted in July, coinciding with the launch of the Flexiplan Discount loan which offers a 0.90 per cent discount off of Chelsea&#39s Standard Variable Rate. The rate on the loan is currently 4.79 per cent.

Chelsea public relations and corporate affairs controller Matthew Cape says: “The result of this survey provides a fascinating insight into peoples&#39 attitudes towards flexible mortgages. Our survey shows that the facilities that people may look for when choosing a flexible mortgage are not necessarily the ones they come to use. The majority of borrowers are planning to make overpayments or lump sum payments in the future, showing their confidence in managing their own finances.”


Stakeholder &#39failing to plug pension gap&#39

The average monthly contribution to an employer-sponsored stakeholder scheme is just £44, which is £250 less than someone needs to save each month to produce a pension of half their salary, according to the Trades Unions Congress.Research released by the TUC at its annual conference in Blackpool last week analysed Inland Revenue statistics revealing the […]

Just 3% of life and pensions sold online

Less than 3 per cent of life and pension transactions are conducted online, even though providers are predicting rapid take-up of online services by IFAs.Research from Focus Solutions, covering 60 per cent of the life and pension sector, shows that online transactions now account for only 2.8 per cent of business, yet providers&#39 targets across […]

Vital need for a PI shake-up

I occasionally get asked by conference organisers what piece of music I would like played as I walk on to speak.Over the last year, it has been tempting to ask for Always Look On The Bright Side Of Life from Monty Python&#39s Life of Brian.But there are one or two signs that we may be […]

Garage is top to add house value

Building a garage is now the best way to increase the value of your home, outstripping kitchen and bathroom refits, according to research from Virgin One.The survey conducted by valuers for the lender found that interior refits are no longer the most valuable home improvement as Britain&#39s 23 million car-owners see off-road parking and garages […]

DB transfers – one more factor to consider

Jim Grant – Senior Product Insight & Technical Support Analyst We look at how higher DB transfer values could cause a lifetime allowance issue and how that affects the advice process. Advisers are receiving an increasing number of requests from clients looking to transfer their pension from final salary schemes to personal pensions. This is a […]


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