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Yorkshire set to shell out for Egg mortgage book

Yorkshire Building Society is set to acquire Egg Banking’s mortgage and savings business, which comprises a £2.5bn savings book and a £430m mortgage book.

The transaction is subject to approval by the High Court, which will also take the FSA’s opinion into account.

The acquisition is due to complete in the fourth quarter and Yorkshire will acquire the Egg brand as part of the transaction.

The society says the mortgage book comprises of “high quality, low loan-to-value, prime residential loans”.

Yorkshire, which has around £30bn of assets, is also set to complete its proposed merger with Norwich & Peterborough Building Society on November 1, subject to a vote of N&P members and confirmation by the FSA.

Yorkshire chief executive Iain Cornish says: “We are looking forward to welcoming Egg’s mortgage and savings customers to the Yorkshire. Continuing to provide them with the outstanding service, administration and value that they have been used to, and which is consistent with our own approach, will be a priority for us and we will work closely with Egg to ensure that customers are kept fully informed throughout this transfer process.”

Emba group sales and marketing director Mike Fitzgerald says: “Yorkshire is getting bigger and brokers are taking more notice of it these days.”


Eden fund duo will shun banks

Eden Financial UK equity fund manager Leigh Himsworth and global equity income fund manager Dan Roberts say their new funds will not invest in banks. Himsworth and Roberts joined Eden Financial from Gartmore in July. Himsworth will launch the CF Eden UK select opportunities fund in August and Roberts will launch the Eden global equity […]

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Paul Thomas assesses a hybrid mortgage that allows borrowers to hedge their bets against interest rates

Equus buy takes Moneygate adviser numbers to 100

Moneygate Group has bought City of London IFA Equus Independent Financial Management. The deal sees 37 Equus advisers and 34 staff move across to Moneygate, increasing its total adviser number to about 100. The acquisition increases Moneygate’s funds under influence from £1bn to £2bn. Equus managing director Paul Fife has been appointed Moneygate Greater London […]

John Charcol offers two new 95% LTV exclusives

John Charcol is offering two new exclusive 95 per cent loan-to-value mortgages aimed at first-time buyers. The first mortgage, offered by Newbury Building Society, is a family offset with an initial rate of 3.95 per cent, which is a 0.5 per cent discount for three or five years. It comes with no arrangement fees and […]

What exactly is product innovation?

By Fiona Tait, Pensions Specialist Ros Altmann reportedly hoped for more product innovation following pension freedom¹ and, according to one poll, 66 per cent of advisers also believe that providers should be doing more². This article considers whether there is a real client need for new products, or whether we should be focusing our attention on efficient delivery […]


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