View more on these topics

Yorkshire offers Rapid route to mortgage repayment

Yorkshire Bank claims its new current account mortgage could potentially save borrowers a total of £180bn in interest repayments.

The bank says the product can reduce the mortgage term by crediting repayments as soon as they are made.

It plans to launch Rapid Repay on June 28 and claims to be the first lender to offer a current account mortgage on the high street.

Most mortgage repayments are debited from accounts monthly. This means that from the time salaries are paid in until the mortgage payment goes out, a sizeable sum of money is left sitting in the account earning little or no interest.

According to the bank, the average UK homeowner has an outstanding balance on their standard repayment loan of £45,000 with 15 years left to run. It claims switching to Rapid Repay would save £16,499 in interest and cut the remaining term in half. It calculates the saving if all existing accounts switched would be over £180bn.

Head of retail financial services Paul Fegan says: “This offers clients the chance to make huge savings and free them-selves from a traditional mortgage commitment years sooner than they thought possible.”


Genome milestone or millstone for the masses?

The announcement that scientists have unravelled the human genetic code has fuelled politicians&#39 concernsabout insurance companiesusing genetic informationto discriminate against would-be policyholders.Labour and Liberal Democrat MPs fear the emergence of a “genetic underclass” of people unable to get insurance, as companies may use genetic test results when underwriting policies.In the House of Commons this week, […]

L&G is linking up with Jewish website

Legal & General is linking up with to sell its range of investment products through the website.The partnership is the first of what the life office hopes will be many deals targeting specific communities.Initially, users of totally will have access to online literature promoting L&G&#39s products. The company hopes to allow website purchases […]

Independent View

It has taken a long time but at last IFAs are being recognised for their true worth. I do not mean our value to society although I am sure we do help millions of people.What I am talking about is the clear recognition that an IFA is an extremely val-uable commodity to a distributor of […]

How will personal pensions measure up?

The introduction of stakeholder pensions is just one driver of change in the UK pension market and it is hard to isolate it from other factors such as demographic changes, employment patterns, the technology revolution, changes in the family unit and other social and economic trends.In a paper I gave recently at the Institute of […]

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment