In brief

Ramesh Sharma

March 11, 2006

Coventry Building Society has updated its mortgage portfolio with the launch of a capped rate product. Available at 4.99 per cent, until May 2009, the deal includes a £199 booking fee and £350 arrangement fee that can be added on completion, in addition to free valuations, and free legal fees for remortgagors. Coventry has also confirmed it is to add a lifetime offset product to its mortgage range.

m2i announces TCF dates

m2i has confirmed its ‘Treating Customers Fairly’ (TCF) workshops will take in Newcastle, Manchester, Nottingham, Birmingham, Cardiff, St. Albans and Cardiff. Aimed at clarifying the meaning of TCF, the workshops will also look at how TCF has been implemented in member firms workplaces.

The workshops will also cover the areas of equity release, MPPI sales, overseas mortgages and secured lending.

Bankhall seals PYV partnership

Bankhall has announced a deal with specialist professional indemnity (PII) insurers PYV.

The scheme to provide PII cover is available to all Bankhall Investment Associates, Portfolio Member Services and Bankhall Mortgages members.

The deal will see PYV provide financial adviser firms with a dedicated team of brokers, account handlers, claims and policy technicians and claims will be dealt with by an allocated claims handler from start to finish. Tailored PII schemes are also available.

KRS increases referral business

Key Retirement Solutions (KRS) has revealed an increasing number of brokers are referring business to equity release specialists when conducting lifetime applications. KRS reported a 28 per cent increase in the number of firms that registered with its online equity release referral business since October 2005. Dean Mirfin, business development director at KRS, commented: “Products are complex, the advice process lengthy and the subject matter generally quite emotive.”

Openwork restructures mortgage panel

Openwork has restructured its mortgage panel by introducing a three-tiered structure for its 37 lenders.

The structure divides the panel into Premier Partners, Preferred Partners and Panel Lenders, with the aim to improve product and efficiency by working in partnership with a smaller number of major lenders.

Principality enhances product range

Principality Building Society has launched a two-year fix at 4.54 per cent with a maximum LTV of 75 per cent. A 4.64 per cent deal is also available at 95 per cent LTV. Designed for Welsh borrowers, the offer provides free legal fees for remortgage deals as well as free valuations.

It has also launched a tracker range from 4.59 per cent at 95 per cent LTV, and a fee saver three-year discount mortgage at 4.94 per cent.

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