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Three year fix for Principality

Principality has introduced a three year fixed rate mortgage at 6.24 per cent until February 28, 2004.

It is available for loans of up to 95 per cent of valuation and remortgages up to 90 per cent.

Borrowers who redeem in the first three years must pay a penalty of three per cent of the amount repaid.

The interest rate is an attractive feature, but according to Moneyfacts on January 18, 2001, there are seven building societies offering three year fixed rates at 5.99 per cent. This is the cheapest rate available for mortgages of this type.

Derbyshire Building Society&#39s three year fixed rate mortgage has an interesrt rate of 5.99 per cent. Like the Principality mortgage, it is available for loans of up to 95 per cent and 90 per cent for remortgages and includes free valuation.

Borrowers who redeem during the fixed rate period must pay three per cent of the sum repaid in the firt year, two per cent in the second year and one per cent in the third year. This is lower than the Principality mortgage in years two and three, but first time buyers with Principality are spared the added expense of an arrangement fee.


Two life offices fined £350,000 by PIA

United Friendly Insurance and Refuge Assurance have each been fined £350,000 by the PIA for endowment breaches. The fines relate to a number of failings dealing with sales of with-profits endowments savings policies. The regulator found they were not taking into account of the customer&#39s stated savings objectives, did not ensure the contract was affordable […]

Teachers fixes its mortgage plan

Teachers Building Society has introduced the fixed rate mortgage plan. Aimed at first time buyers and people looking to remortgage, the plan has a fixed rate of 5.99 per cent for the first three years of the mortgage for loans of up to 90 per cent of valuation. After this it will revert to the […]

Scottish Friendly Assurance – Growth And Security Bond 2001

Friday, 19th January 2001.Aim: Growth and income by investing in Scottish Friendly Assurance&#39s with-profits fund.Minimum investment: £3,000.Bonus rates: 6 per cent.Allocation rates: £3,000-£9,999 – 100 per cent, £10,000 and above – 101 per cent.Charges: Initial 5 per cent.Commission: Initial 5.25 per cent.Tel: 0800 834428. 

Will Axa herald dawn of the online multi-tie?

The news that Axa is establishing a website to advise customers on its own and competitor products has fuel led speculation that it is planning to reposition itself as an online multi-tie. The move has prompted experts such as Financial Tech nology Centre director Ian McKenna to predict that Axa&#39s strategy could be the thin […]


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