View more on these topics

Towry Law offering hybrid loan with fix and discount

Towry Law Mortgage Services is offering an exclusive hybrid mortgage combining an initial fixed rate followed by a discount.

The product has a one-year fix at 3.59 per cent followed by a 1 per cent discount off the standard variable rate – giving a current rate of 4.75 per cent – for the following year.

The IFA refuses to name the lender which is behind the deal.

There are no compulsory insurances and self-certification is allowed. The mortgage is available for up to 75 per cent of loan to value. Legal and valuation fees are free up to £350.

There is a redemption penalty of £70 plus the interest due for the remainder of the month in which it is redeemed.

The mortgage allows for up to 10 per cent of the loan to be repaid during the fixed year without a penalty. Towry Law Mortgage Services is a joint venture between Holdsworth Financial Management and Towry Law.

Director Steve Jones says: “Our new combined product is a fantastic for our customers. Not only does it combine a market leading rate with a year&#39s security but it ensures that the borrower pays under the market rate in year two as well.

“We have seen borrowing increase dramatically over the last year especially in the remortgage sector. Many customers have used the reduced interest rates to consolidate other debts and bring down their mortgage payments as well.”

Recommended

Bamford blasts FSA as his PI cost soars

Sofa chairman and Informed Choice director Nick Bamford is blaming the FSA for the PI insurance crisis.He has finally secured PI cover but his premium has soared to £28,875 from £7,950 last year and from just £2,750 in February 2001. The excess has risen to £15,000 per case from £10,000 last year despite no claims […]

Britannia offers fee-free mortgages

Britannia is revamping its mortgage book with a range of fee-free and fixed-rate loans.As part of its range of fee-free loans, it is offering a two-year fixed rate at 3.99 per cent, a five-year fix at 4.54 per cent and a 10-year fix at 4.99 per cent. All are available up to 90 per cent […]

Bank of Ireland merges Chase de Vere and MX

Bank of Ireland is merging its UK IFA firms – Chase de Vere Investments and MX Financial Solutions – and axing up to 350 staff, blaming the difficult investment climate.From June, the two firms will be marketed under the Chase de Vere Investments brand but BoI will not say how many of its 280 RIs […]

Pensions and the self-employed

The recent Pensions Green Paper has some interesting things to say about the self-employed.As with employed people, the self-employed can be subdivided into high-income people, for example, accountants and lawyers, who can broadly be relied upon to make provision for their own retirement, and lower-income people who can&#39t.But there are two crucial differences between lowerincome […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com