9 Mei 2024

Global

Global

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The Financial Ombudsman Service has frozen individual case fees at £750 and fees at £106m for 2023/24.

These are contained in its budget for the coming year, which identifies five key areas for change.

He wants to build on his progress in reducing wait times and focus on his digital transformation program.

Other areas include building the workforce for the future, creating an updated funding model for 2024-2025, and developing a data-driven prevention strategy.

This followed FOS Chair Zahida Manzour on 14 March 2023 reporting to the Treasury Select Committee that FOS backlogs are declining and the situation “seems to be improving”.

The number of pending cases has dropped from 90,000 as of May 2021 to about 37,000 as of March 2022, according to the FOS.

In 2023/24, FOS expects to receive 184,000 complaints and resolve 204,000 complaints.

In addition to the £750 individual case fee freeze and the £106 million fee announced in the budget, FOS also said that:

  • Reduce the voluntary jurisdiction fee from £700,000 to £500,000.
  • Businesses will continue to receive three free cases
  • Companies organizing a group account commission will not receive free cases

On March 20, the WCF announced an increase in the remuneration limit, which is the maximum amount a financial institution can claim if a complaint is upheld.

The limit is adjusted every year in line with inflation.

The Financial Conduct Authority has confirmed that the FOS remuneration limit will be increased from April 1, 2023.

Complaints filed with the FOS on or after 1 April 2019 will now cost £415,000.

And it will be £190,000 for complaints filed with the FOS before 1 April 2019.

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FOS freezes levy and case fees – Mortgage Strategy – English SiapTV.com

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Fed officials have raised rates quickly over the past year to try to curb inflation, raising rates from near zero a year ago to just under 5 percent this month. But politicians have suggested they are nearing the end, predicting another rate hike this year. Jerome H. Powell, the chairman of the Fed, hinted that officials might stop adjusting policy altogether if problems in the banking sector hit the economy hard enough.

“As we assess the need for further increases, we will focus on incoming data and evolving forecasts, and in particular our assessment of the actual and expected impact of credit tightening,” Mr. Powell said at a news conference after the Fed meeting. . last rate decision last week. At this meeting, the central bank raised rates by a quarter of a point.

But inflation remains unusually fast: while slowing, it is still more than double the Fed’s 2 percent target. The banking turmoil seems to be subsiding and government officials say deposit flows have stabilized in recent days.

Officials speaking this week suggested they may have to do more to fight price increases and dismissed market speculation that they might cut rates this year.

“Inflation remains too high and the latest numbers confirm my view that there is still much to be done,” Susan Collins, president of the Federal Reserve Bank of Boston, said in a speech Thursday. Miss Collins will not be voting this year.

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The Fed’s Preferred Inflation Gauge Cooled Notably in February – English SiapTV.com

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House prices fell 3.1% year-on-year in March, the biggest drop since July 2009, according to Nationwide.

This compares to a 1.1% year-on-year drop in February.

On a monthly basis, home prices fell 0.8% in March after falling 0.5% a month earlier.

Nationwide reports that the average UK home price is now £257,122.

In the first quarter of this year, the building society adds, home prices fell in nine of the 13 regions it measures, with all regions at least seeing slower growth.

The worst performers were in Scotland, where house prices fell 3.1% year-on-year, while the West Midlands rose 1.4%, making it the best-performing region.

In the West Midlands, growth was 6.1% in the first quarter of 2022.

Nationwide Chief Economist Robert Gardner said: “The housing market reached a turning point last year as a result of the financial market turmoil that followed the mini-budget. Since then, activity has remained subdued.

“It will be difficult for the market to regain significant momentum in the near term as consumer confidence remains weak and household budgets remain under pressure from high inflation. Housing affordability also remains limited as mortgage rates remain well above the lows that existed at the time last year.”

Real Estate Guild Executive Director Ian McKenzie says: “With the biggest annual drop in home prices since the financial crisis, homeowners may be worried about what this means for them.

“Unlike the financial crisis, we did not see a sharp drop in transactions, so the slowdown in prices can hardly be called an expected collapse.

“Sellers are becoming more open to negotiating with buyers at the asking price, and that can skew the data.”

McKenzie continues: “While we are forecasting an overall decline of around 8% this year, this will only bring house prices back to 2021 levels.

“Confidence in the real estate market is returning after the mini-budget failure last September, and we should expect further improvements if inflation is brought under control this year.”

However, Hargreaves Lansdown personal finance expert Sarah Coles comments: “Buyers have been crushed by runaway inflation, inflated mortgage rates, a sluggish economy and the threat that things could get worse.

“Rics data for February showed that consumer demand fell again for the tenth month in a row. Buyers’ enthusiasm was probably further undermined by the fact that the gradual fall in mortgage rates ended in March.

“At the end of February, according to Moneyfacts, the average two-year trading was 5.32%, and by March 30, it had risen very slightly to 5.38%.

“As a result, sellers have to compromise to change their property. Ricks says 60% of homes under £500,000 are selling for less than asking price, and Zoopla found that 40% of home sellers cut prices before a seller even shows up, by an average of 4.5%.

She continues: “There is a glimmer of hope in the mortgage market. The rate hike is likely to be a temporary blip as inflation turns out to be higher than expected. As we get closer to the end of the year, we expect inflation to drop significantly, so we may well see rate cuts again.

“Already in February there was a very slight increase in the number of approved mortgages for the coming months. However, this is still less than half of the numbers we saw two years ago, so you need to look very closely to see any real hope in these numbers.

These figures are easy to interpret as the beginning of a slippery slope, where prices start to gradually fall and then accelerate. We cannot yet rule out the possibility of a gradual southward drift and a softer landing, but this looks increasingly unlikely.”

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Nationwide – Mortgage Strategy – English SiapTV.com

English

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Virgin Orbit will cease operations “for the foreseeable future” after failing to secure a lifetime funding path, CEO Dan Hart told employees during a general meeting on Thursday afternoon, and will lay off about 90% of its workforce.

“Unfortunately, we weren’t able to secure the funding to provide a clear path for this company,” Hart said, according to an audio recording of the 5:00 pm ET meeting obtained by CNBC.

Hart has been briefing employees daily on the news since Monday, when Virgin Orbit postponed a scheduled general meeting to Thursday at the last minute. Negotiations for a late-stage deal with a pair of investors fell through over the weekend, but Hart told staff on Monday that “very dynamic” investment discussions were underway.

Those discussions with investors continued this week, with Hart saying management will share any updates “as quickly and transparently as possible,” noting that the leaked emails are “against company policy,” according to copies of Hart’s Tuesday and Wednesday emails obtained by CNBC. .

This week, the company has been steadily returning more than 750 of its employees from an operational pause and leave that began on March 15, after initially resuming some “small team” work on March 22. Amid a wider pause, Virgin Orbit is working to complete the investigation into the failure of the previous mid-flight launch, as well as preparing the next rocket.

A spokesperson for Virgin Orbit did not immediately respond to a CNBC request for comment.

Shares of Virgin Orbit closed at 34 cents a share on Thursday, down 82% year-to-date.

Virgin Orbit has developed a system that uses a modified 747 jet to send satellites into space by dropping a rocket from under the plane’s wing mid-flight. But the company’s latest mission failed mid-flight due to a problem during launch that caused the rocket to fail into orbit and crash into the ocean.

The company had been looking for new funds for several months and the majority owner, Sir Richard Branson, was unwilling to fund the company any further.

Virgin Orbit was spun off from Branson’s Virgin Galactic in 2017 and considers the billionaire its largest shareholder with a 75% stake. Mubadala, the Emirates sovereign wealth fund, holds the second largest stake in Virgin Orbit, with an 18% stake.

The company has hired bankruptcy firms to draw up contingency plans in case it can’t find a buyer or investor. Branson has priority over Virgin Orbit’s assets as the company has raised $60 million in debt from Virgin Group’s investment arm.

The same day that Hart told employees that Virgin Orbit was suspending operations, its board of directors approved a plan to lay off the “golden parachute” for top managers in case they were fired “after a change in control” of the company.

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Virgin Orbit fails to secure funding, will cease operations – English SiapTV.com

English

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It’s official, Fast X is on its way to cinemas in May and, once again, we can’t wait to witness the obligatory collection of crazy automotive creations ripping up the tarmac – including the Datsun 240Z street racer we all spotted in the official trailer.

As dedicated fans of modified Japanese imports, we’ve seen more than our fair share of tuner car icons used on screen since The Fast and the Furious stormed the scene way back in 2001. There’s even been a few true-blue JDM examples along the way.

In fact, there’s no doubt that the F&F movies have become synonymous with Japanese car culture over the years. With everything from the Skyline GT-R and Nissan Maxima playing key roles to bona fide Japanese supercars such as the Lexus LFA and Honda NSX making cameos, these movies have served to keep Japanese metal in the modifying zeitgeist for over two decades now.

And therein lies the question of the day: what are the most iconic Japanese cars to grace the big screen throughout the Fast & Furious Saga? Well, we’ve narrowed it down to 10 of our all-time favourites.

1. 1994 Toyota Supra A80

The most famous JDM car of them all? Well, that’s probably half true. The Lamborghini-Orange “Nuclear Gladiator” Toyota Supra may be the most well-known Japanese car of the entire franchise. But the turbocharged, targa-top hero used in the original movie was a left-hand-drive US model. So, strictly speaking, you couldn’t call it JDM.

What this car was, however, was a genuine modified monster. And that was before the film was even in development. The Fast and The Furious was a relatively low-budget flick, so – to save on the budget – the car was rented from the film’s technical advisor, Craig Lieberman. His A80 Supra was already sporting a heavily modified 3-litre 2JZ-GTE engine and pushing out a whopping 570bhp – nearly double that of a standard Twin Turbo Supra. In fact, the only changes that the production team made for the movie were the wheels, body styling and orange paint job (originally the car was yellow). Just about everything else was already there.

And if you’re wondering about the ‘junker’ on the back of a tow truck in the movie, that was indeed sporting a 2JZ engine – but not the legendary twin turbo lump they were describing. It would have taken way more than 15k to get it up to full ‘Race Wars’ spec too. In reality, they would have put well over 100k into this build. But that’s Hollywood for you, eh?

Aside from the genuine hero car, a host of other replicas were built for stunts and racing scenes, some of which were repainted and used for Slap-Jack’s car in 2 Fast 2 Furious. There’s also a white 1995 US Twin Turbo model at the end of Furious 7, but this wasn’t a rehash of one of these cars; that one was from Paul Walker’s personal collection.

So, what happened to the orange Supra when filming wrapped? It simply went back to its original owner. Although it did turn up again in 2021 where it was sold at auction for $550k. Not a bad payday for a 90s Toyota, is it?

2. 1993 & 1997 Mazda RX-7 FD

Everyone’s favourite rotary-powered Mazda had two of the most important roles in the franchise. First, one of these introduced Dominic Toretto to the series in The Fast and The Furious, and it was the only Japanese tuner car he raced before breaking out the trademark American muscle cars. And second, the main hero car from Tokyo Drift was Han Seoul-Oh’s widebody ‘Fortune’ RX-7 FD.

In the modifying world, of course, the Mazda RX-7 is something of an icon – the very reason why it was used in both movies. As with Brian’s Supra in the first film, the frugal producers rented a ready-built example (this time owned by Keith Imoto) and made a few cosmetic changes. The car was originally a left-hand drive US model in grey with heavily modified 13B engine and a roll cage. The producers painted the car red, and then removed the cage, simply because Vin Diesel couldn’t fit in it. A few clone cars were also built, but these were standard, except for the exterior styling and exhausts.

Dom’s Mazda is shown to have a huge aftermarket sound system in the movie, but these shots were actually taken from another car. The real-life version only had a factory audio system – it was a lightweight racer, after all. This car was also repainted and used in 2 Fast 2 Furious by Orange Julius.

The 1997 RX-7 featured in Tokyo Drift, as you would expect, is a full-on JDM model. This car was also bought ready modified, but this time for a reported $150k from legendary Japanese tuners Veilside. Originally their company demo car, it was first built to showcase their £15K Fortune widebody kit at the 2005 Tokyo Auto Salon. It was also dark red, but the F&F team repainted it in House of Kolor Orange to make sure it popped on screen. Which – we think we can all agree – it did nicely.

3. 2003 Nissan Fairlady Z33

The JDM version of the Nissan 350Z is what you might call a bona fide Japanese muscle car. In fact, this one is practically an American fastback, simply from having a huge 3.5-litre ‘V’ engine up front, rear-wheel-drive at the back and presumably a driver grinning like a madman in the middle.

But, while large capacity VQ35DE V6 engines (which negate the need to mess about with turbochargers) was the order of the day for Nissan in the noughties, the JDM Fairlady Z used in Tokyo Drift was fitted with an aftermarket twin turbo kit developed by Australian tuning house, APS. This gave our automotive anti-hero around 450bhp, which is about 170bhp over standard and more than enough for any Drift King to break out the sideways antics.

The Z33, which went on sale around the world in various specs between 2002 and 2009, has proved infinitely popular on the global tuning scene. There’s still plenty of modified examples on the show scene today, and they’re one of the few that can still be picked up for a reasonable price. With those curvy good looks, this car was ahead of its time, and it’s one that has aged extremely well… if at all.

It has also been well catered for by the aftermarket over the years. From the very beginning, parts manufacturers were falling over themselves to offer tuning upgrades, chassis parts, body styling and wheels. This includes the mighty Veilside who were already involved with the movie with their Fortune RX-7, so it makes sense that they’d supply their equally crazy V3 widebody aero kit, massive Andrew Evolution wheels, and a whole load of carbon fibre bolt-ons for the main antagonist.

4. 1999 Nissan Skyline R34 GT-R V-Spec

The fabled R34 GT-R may be one of the cars most associated with the franchise – not to mention Paul Walker himself – but this car only made a couple of major appearances. Most notably in the fourth instalment (Fast & Furious) and, perhaps most famously of all, as the introductory hero car in the second film.

Now, it goes without saying that the R34 Skyline GT-R is one of the most coveted Japanese tuner car icons ever conceived – a genuine cult classic. This 2.6-litre twin-turbocharged monster is probably THE car of the PlayStation generation, and they command prices of well over £100k nowadays. But, because the Skyline was never officially offered for sale in the US, the cars used (with the exception of a single UK model) were all JDM models. This also explains why they were all right-hand-drive cars.

Surprisingly, the 2002 Bayside Blue GT-R used for a little smuggling in Mexico in Fast & Furious wasn’t even a GT-R at all. Instead, the production team created a number of replicas using non-turbocharged, 1998-2001 GT models. These also came with basic rear-wheel-drive rather than the legendary Nissan ATSSA AWD system.

In 2 Fast 2 Furious, though, that was a genuine 1999 JDM R34 GT-R. What’s more, this one only missed out on being the star of the entire film because of a product placement deal with Mitsubishi (hence the Evo VII and Eclipse Convertible being used). The main hero car was another owned by Craig Lieberman and modified with a whole host of HKS engine upgrades and nitrous oxide. Another four cars were imported by MotoRex and fitted with matching C-West body kits, HRE wheels and the infamous House of Kolor paint job with added blue stripes.

The last R34 built for the movie – which was imported from Middlehurst Motorsport in the UK and modified accordingly – was only used for the bridge-jump scene, where it was destroyed.

5. 2002/2006 Mitsubishi Lancer Evolution VII & IX

Mitsubishi Lancer Evolution on wet road

There’s been two Mitsubishi Evos used as hero cars in the early F&F movies. First the 2002 Evo VII in 2 Fast 2 Furious, and then the 2006 Evo IX in Tokyo Drift.

The irony, of course, is that the Mitsubishi Lancer Evolution has always been most famous for its rallying prowess, and there wasn’t a dirt track in sight in either movie. Because of the legendary all-wheel-drive systems used in all models of the Evo since its inception, it’s ironic that one of these was chosen as a drift car in the third movie too. Albeit an Evo IX that had been converted to rear-wheel-drive specifically for this purpose. Then again, this certainly got the car community talking, so maybe that was the whole point.

What’s also interesting is that the Evo VII wasn’t ever available in the US. The Evo VIII model was launched later in America, but that wasn’t until after 2 Fast 2 Furious was released in 2003. Instead, the on-screen cars were donated by Mitsubishi Japan for the filming and modified by the production team with new rear lights to look like the upcoming Evo VIII. Mitsubishi shipped over four in total and the reason these models were left-hand-drive is that they were originally destined for a rally team in Austria before being diverted to the US.

Both the F&F cars have some serious high-performance heritage. Originally intended solely as a JDM model, the Evo I came along in 1992 and has “evolved” through 10 different variants, all powered by a 2-litre turbocharged engine. The Evo X was retired back in 2016. Such was the early success of these cars on the grey import market that Mitsubishi officially offered them for sale worldwide in 1998. They have since gone on to become extremely successful in motorsport, and one of the most iconic cars in the modifying community.

6. Nissan Skyline GT-R C10 ‘Hakosuka’

This particularly retro example may not have had a huge amount of screen time, but there’s no doubt that the appearance of a C10 GT-R in Fast Five was something that delighted connoisseurs of JDM classics.

The Hakosuka is a special car. The first Skyline model to sport the iconic GT-R badge, it was initially available as a 4-door sedan in 1969 and later as a 2-door coupe in 1971. Both variants came equipped with a 160bhp inline straight 6 engine, rear-wheel drive, and even a limited slip differential, making these pumped-up examples of the third-generation Nissan/Datsun Skyline far ahead of their time.

A bona fide holy grail Nissan, the nickname “Hakosuka” wasn’t officially sanctioned by Nissan; instead, it became popular on the streets of Japan where the car was known as the “Box Skyline” because of its chunky body. “Hako” is the literal translation of the word box and “suka” is a shortened version of the word “sukairain,” which means skyline.

Less than 2000 examples were ever produced, and they’re one of the most sought-after Japanese models by serious car collectors. Nowadays, you can expect to pay the best part of £200k at auction, making Brian’s 1971 GT-R Coupe turning up in Brazil one of the priciest cameos for a JDM Kyusha (old car) over the entire F&F franchise.

7. 2000 Honda S2000

Yellow Honda S2000 parked

The Honda badge is one that’s become synonymous with the street tuning and modifying scenes around the world, and when they launched the convertible S2000 in 1999 it was an instant hit. It’s easy to see why: with its lightweight frame, high-revving 2-litre VTEC engine and literally thousands of aftermarket parts available, this little 2-seater remains popular to this day. Although modern classic status means that prices are currently rising, they’re still available for reasonable money too.

The S2000 made a couple of key appearances in the Fast and Furious saga. First as Johnny Tran’s anti-hero car in The Fast and The Furious, and second as Suki’s car in 2 Fast 2 Furious… yep, the one that jumped the bridge with Brian’s R34 Skyline.

Contrary to popular belief, and despite being listed as different years in the movie specs, these two were actually the same car. The three S2000s (including the main car and stunt cars) used for the first movie were repurposed for the second.

The original Johnny Tran hero car was a US model rented from RJ DeVera, the actor who played Danny Yamato (the guy who drove the white Honda Civic in the first street race). Rather than having “more than a hundred grand under the hood,” there were just a few performance modifications, including a Comptech supercharger, pushing the car to around 290bhp. So it was a quick S2000 for sure, but it was no 10-second car.

For 2 Fast 2 Furious, the car was purchased by the production team where they repainted it pink and changed the wheels.

8. 1995 Mitsubishi Eclipse

Although a 2003 Mitsubishi Eclipse Spyder is used as Roman’s car in 2 Fast 2 Furious, the most important Eclipse in the series will always be the 1995 Kawasaki Green coupe from the first movie. After all, it’s the very first street racer we see over the whole saga… and it introduces Paul Walker’s character to the franchise.

Five clone cars were created for various shots, but the original hero car was a silver US model rented from John Lapid. This came ready modified apart from the exterior paintwork.

Despite being a rather epic-looking show car clad in a full RoboCar body kit, and having a few performance modifications such as an intake and nitrous oxide system, the street racing credentials weren’t quite as impressive as depicted in the movie. This car had around 140bhp and wasn’t sporting a turbocharged 4G63 engine as stated, so it’s unlikely it would be keeping up with a standard RX-7 let alone one that’s been street tuned to perfection. But does that matter? Of course it doesn’t – it’s all in the name of entertainment.

9. 2001 Nissan Silvia Spec-S S15

Nissan Silvia parked on road

The screentime may have been limited for this one, what with the car being destroyed early on in the movie, but there’s no denying that the “Mona Lisa” Nissan Silvia was one of the biggest stars of Tokyo Drift.

A legendary car for drifting, and on the modified car scene in general, the Nissan Silvia (known as the Nissan S-Body car) has been through a whole load of iterations since being launched by Datsun in 1965. Perhaps the most well-known to the world’s modifiers are the 80s and 90s Nissan S13, S14 and S15 variants. We see a few of these over the course of the franchise, including the car driven by Letty in the first film – a US model 240SX S14 (with an S14A front end). After being repainted, this one also makes an appearance in 2 Fast 2 Furious.

The king of the on-screen Silvias, though, is undoubtedly the C-west-kitted JDM Silvia S15 built specifically for Tokyo Drift. Rumour has it that over $7,000,000 were spent on the cars alone for this movie, with over 200 being acquired and shipped from all around the world. But, even with this huge budget, this “Spec-R” Silvia wasn’t quite as it was depicted in terms of its performance.

For a start, the massive RB26DETT engine we see stripped out and slotted into a Mustang at the end of the movie was never fitted to this car. Of course, taking the legendary twin-turbocharged lump from a Skyline GT-R and transferring it to an S15 is a dream conversion for many, and reasonably common in the drifting world, but it was never something carried out by the producers. In fact, the Silvia used was also a base model Spec-S car, which didn’t come with the tuner’s favourite 250bhp turbocharged SR20DET engine found in the Spec-R either. So we’re talking around 160bhp rather than 500-odd-bhp as shown in the film.

But then again, we can forgive all this because there’s no doubt the Mona Lisa was still one of the most authentic cars used throughout the franchise, simply because they used a Silvia for drifting. It’s also an example that has spawned many replicas around the world.

10. 1993 Honda Civic Coupe EJ1

The three neon-lit Honda Civic “heist cars” from The Fast and The Furious may not be full-on street racers as such, but they are the first F&F cars we see. By all accounts, these were some of the most unloved screen cars over the entire franchise; having been built only to survive a couple of weeks’ filming, they were all considered disposable by the production team.

It goes without saying that the Civic has always been popular with modifiers, with plenty of legendary examples being pumped out by Honda to this day. 2021 saw the eleventh generation of this car hit the streets and, over the years, they have all (particularly the Type-R variants) become the bread and butter of the import tuning scene. This is why the Civics that were most popular on the streets of the US in 2001 were chosen to star in the movie. But again, the US coupe models used were about as far from full-on racing spec as it’s possible to get. The modifications here were all cosmetic, and very much of their time. They looked cool back in the day though, and perhaps that’s all that matters.

With a relatively low budget for the builds, the production team picked up a number of cheap (and rather rough) DX models, along with one EX – the one with the sunroof. These were painted black and fitted the Axis wheels, VIS GT Bomber body kits and Veilside rear spoilers. The noisy exhausts were low-cost universal items hidden away under the bumpers.

After the first movie, the Civics did get a slight reprieve, however. The survivors were repainted and fitted with Bomex kits to be used as background cars in 2 Fast 2 Furious.

Despite varying reports of these cars having highly-tuned B18 engines with aftermarket turbochargers and all the trimmings, the true story is that these were all 1.5-litre models with around 100hp. But while they may not be the most mind-blowing tuner car legends throughout the series, their cult status with many fans means that these little Hondas more than deserve a spot in our top ten.

Want to read more about JDM cars? Read our blogs on the best JDM cars of the 90s and our favourite Japanese cars.

Get JDM insurance for your imported car

If you’ve decided to finally take the plunge and buy a JDM car from the Fast & Furious franchise, call us for an imported Japanese car insurance quote. We offer tailored cover to suit your needs and budget. Call us on 0800 369 8590 or book a callback for a fast, affordable quote.

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Best Japanese cars from the Fast & Furious franchise – English SiapTV.com

English

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Starting tomorrow (March 31), Virgin Money will reduce the number of core, exclusive, product sale and transfer transactions.

Exclusive features include:

  • The five-year fixed L/P rate of 65% with a fee of £1,495 will be reduced by 14 basis points to 3.90%.
  • Remortgaging 65% LTV for five years with a fee of £995 will be reduced by 21bp. up to 3.91%.
  • The selected patches will be reduced to 20 bps.

Highlights include:

  • The five-year LTV fix of 65% with a £995 fee will be reduced by 15 basis points to 3.95%.
  • The five-year fixed fee savings of 65% LTV will be reduced by 10 basis points to 4.14%.
  • Selected fixed rates will be reduced to 15 basis points.

The main and exclusive features of BTL include:

  • The two-year 50% LTV fix with a fee of £3,995 will be reduced by 11 basis points to 4.07%.
  • Selected fixed rates will be reduced to 10 basis points.

The lender also says that he has chosen residential and BTL product transfer corrections will be reduced to 33 bp.

The firm adds that from 20:00 today, it will increase the following products:

  • An exclusive two-year fixed house purchase with 75% LTV and a £1495 commission will be increased by 10 basis points.
  • Fixed transfer rates for selected products will be increased to 10 basis points per second.

Virgin Money head of intermediary sales Richard Walker says: “We have made a number of cuts to our residential and BTL portfolio, supporting all market segments, including those clients who may want to take the next step up the housing ladder.

“For those clients looking for longer term security, we have a new five-year flat rate below 4% at 65% LTV.”

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Virgin Money cuts BTL, exclusives, core deals by up to 33bps  – Mortgage Strategy – English SiapTV.com

English

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