CASHPOINTS: Mercury retiring

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The Independent Online
Mercury Asset Management is launching Mercury Retirement Trust as an investment trust savings plan which can be run as a PEP and operate alongside a conventional pension plan.

Investors can choose either Growth shares or Monthly Dividend shares. The dividend shares will yield over 4 per cent gross which can be paid monthly.

The initial charge is capped at 3 per cent, the annual management charge is 1 per cent, and the minimum investment is pounds 3,000 or pounds 100 a month.

The Chelsea Building Society is offering five-year fixed-rate mortgages at 7.49 per cent for up to 90 per cent of the valuation.

An arrangement fee of pounds 295 is payable but only pounds 95 has to be paid on application and there are no compulsory insurances. A penalty of 5 per cent of the balance outstanding is payable for redemption within six years.

Call 0800 616356 for details.

The Skipton Building Society has launched a two-year fixed-rate mortgage at 5.75 per cent if borrowers take one Skipton insurance product or 5.99 per cent without, and a three-year fixed rate of 6.95 per cent with one compulsory insurance. Unemployment insurance is free in both cases, loans go up to 95 per cent of valuation and the loans are portable. Penalties of 5 per cent for redemption within five years and a reservation fee of pounds 150 up to pounds 50,000 of loan, or pounds 295 above, will apply.

FirstMortgage is offering a discount of 1.5 per cent for three years on its standard variable rate, which is currently 6.2 per cent. It is available for new loans and remortgages. The discount received has to be repaid on full or part redemption within five years. Call 0800 080088 for details.

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