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Zurich moves into mortgages

Zurich Financial Services has became the latest entrant to the UK mortgage market this month with the launch of a range of four products.

The launch of the mortgages through Zurich Personal Finance, part of the joint venture between Zurich and HBOS, follows the creation of internet-based Zurich Bank in January.

The four products are being marketed by Zurich Advice Network of 3,900 tied financial advisers and at www.zurichbank.co.uk.

The range includes discount mortgages with a minimum loan of £25,001 and maximum of £1m. It offers discounts of between 0.75 per cent and 3 per cent off the Zurich Mortgage base rate of 5.85 per cent with the rate depending on the LTV and term of the loan.

The second product type is aimed at professionals such as doctors, dentists and lawyers. It allows them to borrow up to 125 per cent LTV to help them cope financially in their early years of training.

The third type is a buy-to-let product allowing people to borrow between £60,000 and £200,000 per property.

Finally, there is a mortgage aimed at the top end of the market for loans between £300,000 and £1m.

Zurich says it aims to attract up to 100,000 new borrowers over a 10-year period, assuming no significant downturn in the mortgage market.

Zurich Personal Finance managing director Shaun Trowbridge says: “This is a significant development of Zurich&#39s banking services offering, which allows us to provide for more of our customers&#39 needs. Building Zurich&#39s mortgage service through its joint venture with Bank of Scotland means we are able to draw on products and expertise at a cost considerably lower than acquiring an existing mortgage operation, and combine it with our own experience in this area.”

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