Newcastle Intermediaries has announced today that it has launched a new 2 fixed rate mortgage product which will be available exclusively for re-mortgaging customers. The product is fixed at 1.99% for two years and is available up to 80% LTV, with the ability to overpay by 10% each year, free valuation and legal fees. Steve Carruthers, Head of Mortgage Distribution at Newcastle Intermediaries, had this to say: “The cost of remortgaging can often be a challenge for borrowers each time their mortgage deal expires. This product offers a low fixed rate in an uncertain economy, with the flexibility of overpaying up to 10% each year. The free standard valuation and legal fees means there are some upfront savings to be made too.” Source link

Leeds Building Society has announced that it has expanded its interest only mortgage range with new deals for larger loans of up to £1.25m. The new products include a two year interest only at 1.60% up to 50% LTV, and a 1.70% two year fixed rate part and part interest only mortgage at 1.70% up to 75% LTV. New products come with a free valuation as well as fees assisted legal services for standard remortgages, and a £1,999 fee. The range is aimed at high net worth borrowers wishing to use an interest only mortgage as part of a wider investment strategy, or for home buyers who can expect their future income to rise significantly, such as when they complete professional qualifications. In May 2015 the Society added to its existing interest only mortgages available up to 50% LTV, by introducing part and part mortgages up to 75% LTV, with up to 50% LTV on interest only and the remainder on a capital and repayment basis. Jaedon Green, Director of Product and Distribution, said: “It’s now a year since we launched our part and part mortgages. These won an industry award for product innovation and we continue to improve our criteria. We listened to feedback from intermediaries and improved lending criteria on part and part to accept sale of property as a repayment strategy for the interest only portion of the mortgage. The range is suitable for remortgage and home purchase and offers a choice of fee and incentive combinations. As anticipated when we launched part and part, we’ve seen particularly strong demand for remortgages from homeowners with interest only mortgages. Part and part can help borrowers who’ve yet to make any progress paying down their original interest only loan to start reducing their debt without the payment shock of switching to a full repayment mortgage.” Source link

The Geberit Awards are back for 2016 Published:  13 October, 2016 The Geberit Awards 2016 is in its third year, and installers from throughout the bathroom, plumbing and heating industries will battle it out to be crowned the best in the business. The Awards honour the cream of the installer crop in four categories – best installer team, best supply systems installer, best domestic bathroom installer and best apprentice. As well as the prestige of being a Geberit Award winner, those taking the top spots will also have their hard work and dedication recognised with prizes, including £1,000 for the overall winner of each category, plus Makita Drill Sets and Radios for the runners up. Entrants are required to demonstrate how their Geberit product installations stand out from the crowd, perhaps by overcoming tricky challenges, or by going that extra mile to ensure a quality end result. The Geberit Awards 2016 also sets out to recognise fledgling installer talent with the Best Apprentice award, with judges keen to hear from apprentices themselves, or their colleagues. In this category, nominees who are quick learners, are team players and work on their own initiative to master the latest technology will be likely contenders for the top spot. Each nomination requires 150 words about why the entry deserves to win the award, which can be supported by photography. Entries opened on 1 October, with installers having two months to make their nominations count, before the final deadline on 30 November, when the judges will have their say. For more details and to enter, visit www.geberit.co.uk/awards. Source link

The Scottish government’s £745m Aberdeen bypass project is providing plenty of work for construction companies but not so much for Scottish ones. Infrastructure secretary Keith Brown has revealed that only a third of the £350m subcontracts have been awarded to Scottish firms by the English contracting joint venture of Balfour Beatty, Carillion and Galliford Try. However, Mr Brown seemed to think that was plenty. He said: “Over £115m has been awarded to subcontractors based in Scotland, and with around an estimated £60m subcontracts still to advertised during the construction phase through the Public Contracts Scotland website, there are still many upcoming opportunities for Scottish-based companies. “As part of these sub-contracts, £55 million has been awarded to Breedon Aggregates and Whitemountain, long-established businesses in Scotland, to supply and lay asphalt across the project. “These subcontracts are just one example of how this £745m investment in the north east is stimulating the local economy during the construction phase, with many more significant benefits for road users, businesses, communities and industry on the way.” Mr Brown said that construction of the Aberdeen Western Peripheral Route/Balmedie to Tipperty project (AWPR/B-T) is now “well underway” he said “and remains on schedule to open in winter 2017”.     This article was published on 11 Mar 2016 (last updated on 11 Mar 2016). Source link

©FT Graphic Filaret Galchev, the Russian billionaire who controls Eurocement Filaret Galchev, the Russian businessman with extensive construction interests, has become the latest tycoon to suffer the effect of collapsing commodity prices and financial market volatility. According to people familiar with the matter, the billionaire’s decision to sell his $1.5bn holding in LafargeHolcim last month was spurred by requests to post more collateral from lenders at Bank of America Merrill Lynch. More On this topic IN Construction Eurocement — the building materials group that Mr Galchev controls — had been asked for this collateral by the US bank to cover loans it had used to build the stake, the people said. Its stakebuilding had made it LafargeHolcim’s third-biggest shareholder. Following the collateral request, Eurocement struck a deal two weeks ago to sell its 6.12 per cent stake to Sberbank, Russia’s biggest lender — a deal that came with an agreement to buy it back at a later date. One person close to the matter and another close to LafargeHolcim said Sberbank had stepped in to take on Mr Galchev’s position in the Swiss cement company and its obligation to the US bank. This agreement, dated January 22, was reached after global growth fears triggered turmoil across markets, and a sharp drop in LafargeHolcim’s share price, which is now down more than 40 per cent in the past six months. In a further twist, this week the Russian bank sold the entire $1.5bn position in a share placement handled by UBS. When Sberbank took on the stake, shares in LafargeHolcim were trading around SFr41, but the 37.2m shares were placed by UBS at SFr36.25. Since Switzerland’s Holcim took over Lafarge of France last June, the merged company has suffered from weak sales in many key markets, and underperformed competitors in terms of profitability. In November, the company said it was forced to slash spending to combat a global capacity glut. Shares in LafargeHolcim were trading about SFr39 ($39) on Friday. Bankers have warned in recent weeks that the rout in commodity prices and global equities was likely to lead to a jump in requests for collateral against loans to wealthy clients. Using borrowings, or margin, allows investors to obtain additional investment capital provided it is backed by some form of collateral — usually in the form of cash or securities. This form of investing is popular among wealthy clients in the Middle East and Russia, one adviser at a major global bank pointed out. Russia’s economy has been hit hard by global sanctions following its conflict with Ukraine, as well as falling oil and commodity prices. Since the beginning of 2015, the rouble has almost halved in value against the dollar, and inflation is in double digits. Mr Galchev made his fortune from the cement and construction industry in Russia. Eurocement, in which he owns a controlling stake, is Russia’s largest crushed-rock and aggregates business. He was also a shareholder in Uralkali, one of Russia’s largest fertiliser groups. He began to build a stake in Holcim in 2008, eventually owning 12 per cent of the company. After the deal with Sberbank last month, Mr Galchev said Eurocement and the Russian lender “enjoy a long-term partnership”. He added: “This deal clearly demonstrates that we can count on receiving support from our financial partner when carrying out the holding’s strategic initiatives.” Eurocement’s holding had originated from its investment in Switzerland’s Holcim, which completed an industry-transforming deal last year with France’s Lafarge. At the time, Eurocement used its position to hold out from supporting a deal between Holcim and Lafarge until the terms of the deal were renegotiated — something that eventually did take place. LafargeHolcim, Bank of America and Sberbank declined to comment. Eurocement did not respond to a request for comment sent on Thursday. Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link