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THE Treasury has given the green light for investment managers to launch corporate bond PEPs from 6 July. There is likely to be a rush of issues targeted at investors looking for higher income and lower risk than shares alone will offer.

M&G is notifying investors of its plans to offer a corporate bond PEP investing in M&G Sterling High Interest Fund units, yielding about 8 per cent tax-free.

There will be no initial charge and no withdrawal fee on PEPs that are held for five years. Ring 01245-390000 for details and a free handbook. But watch out for the management charge, which has yet to be fixed.

TSB is offering three new fixed- rate mortgages, at 7.45 per cent for three years, 8.34 per cent for five years and 8.84 per cent for 10 years, with penalties for early redemption. A five-year flat rate of 8.84 per cent is also available, covering 100 per cent of the value of the property.

SCOTTISH LIFE is offering a combined remortgage and pension package, including free survey and legal fees, 0.5 per cent guaranteed discount off the standard variable rate, which is currently 8.5 per cent, plus a 3 per cent cashback element that may be used to contribute to a Talisman Pension Plan.

Channelled through a solicitor, the cashback sum attracts tax relief, which makes the cashback on a pounds 100,000 remortgage worth pounds 4,000 to the standard-rate taxpayer and pounds 5,000 to a top-rate taxpayer.

SCOTTISH PROVIDENT is launching a "draw-down" mortgage with no fees or mandatory insurance, a 0.35 per cent guaranteed discount on the standard variable rate, a wide range of repayment choices, and the right to borrow additional amounts up to three times a year to meet extra spending needs.