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TMO completes 7,000 mortgage applications in first six months of 1999

The Mortgage Operation completed 7,000 mortgage applications worth almost £500m in the first half of 1999.

The packager says the £500m figure ranks it alongside the top 10 lenders in terms of lead generation.

It says that its success in the first six months to the end of June 1999 is due to having invested heavily in its administrative system to enable it to cope with increased volumes of business.

TMO marketing director Frank Butler says: &#34We are delighted with these figures which not only reflect a buoyant housing market, greater consumer confidence but also the intermediary&#39s trust in TMO.&#34

Market Harborough Building Society is launching a tracker mortgage which is guaranteed to never be higher than 1.25 per cent above the base rate.

The tracker has no arrangement fee, redemption penalties or mortgage indemnity guarantee premium and interest repayments are calculated monthly.

Borrowers are able to make overpayments, underpayments and take payment holidays and switch to the lender&#39s variable rate at any time.

IFAs are able to negotiate a procuration fee on completion.

Chief executive Philip Dearing says: &#34The Flexible Base Rate Tracker includes monthly interest calculation, drawdown facility, payment holidays which along with a reduced interest rate should help ensure its success.&#34


Government pensions policy based on false analysis

The Government&#39s new pension policy is based upon false analysis of the modern labour market according to a report in today&#39s Financial Times.This accusation is levelled at the Government by the National Association of Pension Funds.Its chairman Alan Pickering says some of the assumptions on which the policy is based are &#34at best only partially […]

NUIF appoints managing director

Norwich Union has appointed Gerard Quirke as managing director for its investment funds division NUIF.Quirke was previously managing director, global services at Invesco. Following Invesco acquisition of LGT Asset Management Quirke co-ordinated the European integration of two groups.Prior to LGT he was finance director at Framlington.NU&#39s chief executive Philip Scott says: &#34Gerard has a proven […]

Scottish Life&#39s Profitbuilder (inserted 6/8/99)

PROFITBUILDERType: Low cost endowment.Addition: Mortgage interest cover – pays mortgage interest in the event of accident or sickness. Mortgage Payment Proection Insurance – pays mortgage interest for up to 12 months in the even of accident, sickness or unemployment. Introduction of premium holiday facility. Introduction of Accelerator Option which allows policyholder to increase premiums by […]

AIG Life cuts charges to be stakeholder compliant

AIG Life is cutting the annual management charge on its personal pension funds to 1 per cent from 1.1 per cent.The move takes immediate effect and applies to both new and existing policyholders.It means AIG now has two versions of the Personal Pension Bond with one version being compliant in terms of charging structure with […]


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