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Warnings wanted on discount mortgages

Brokers are calling for lenders to apply health warnings on mortgage deals that start low and then see rates rocket.

Research from Alliance & Leicester shows that 86 per cent of brokers think lenders should provide warnings.

FSA consumer research showed that 41 per cent of customers choose a mortgage on price but focus on initial payments rather than long-term affordability.

A&L head of intermediary mortgages Mehrdad Yousefi says: “Advisers and brokers are obliged under Mcob to provide advice and information on the consequences of taking out a low-start mortgage which rises sharply after a few years.

“Given that low start products were last really popular in the mid-to-late 1980s I don’t believe that this is a key issue in today’s market.”

Mortgage Intelligence managing director Sally Laker says: “I think extra warnings would help but it is not that everyone is doing a bad job on the advice process.”


Standard Life adds to income protection

Standard Life is relaunching its income protection plan after a review. It has introduced guaranteed rates, index-linked benefits and the choice of a termbased plan or cover to a specific age.

Pension detriment

Government gives employers an incentive to cut their pension liabilities

Tories criticise late change on S2P band

The Tories have attacked last-minute changes to the Pensions Bill which they say will hit middle-earners because instead of phasing out the top earnings’ band of S2P over a number of years, it will be merged with the band below it in one step in 2010.

Big five in £10bn pact

Five mortgage broking giants have joined forces to form a consortium to negotiate cheaper deals and higher proc fees with lenders.Alexander Hall, Chase De Vere Mortgage Management, Cobalt Capital, Hamptons International Mortgages and Savills Private Finance write £10bn worth of business a year between them and hope that combining will also encourage better service from […]

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Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


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