Briefly

YORKSHIRE Building Society has introduced a new range of fixed- rate and discount mortgages. For loans up to 85 per cent of valuation, fixed rates of 4.80 per cent for two years are on offer and 6.25 per cent for three years. An application fee of pounds 250 is payable and the minimum term is 10 years. Redemption charges are 6 per cent during years one to three and 3 per cent during years four and five. Discounts of 5.75 per cent for one year, 2.1 per cent without cashback for three years and 1.7 per cent plus pounds 500 cashback are on offer on loans up to 85 per cent of valuation.

FIXED-INTEREST specialist Whittingdale is launching a Corporate Bond PEP emphasising low risks and a tax-free return of 7.25 per cent, both income and redemption yields. It will invest only in corporate and Eurosterling bonds rated A3 or better to reduce risks of default. But Whittingdale says the big challenge is to manage the impact of interest rate changes. A mere 1 per cent change in interest rates will lead to a 5-6 per cent change in the value of the fund, twice the impact of a single bond defaulting. Minimum investment is pounds 3,000 or pounds 250 a month, initial charge is 3.5 per cent or 3 per cent until 20 October, and the annual charge is 1 per cent.

INVESTORS who want to combine a PEP with a punt at Lloyd's can put up to pounds 6,000 or a minimum pounds 200 a month into CLM Insurance Fund managed by stockbroker Killik & Co. The capital is invested in shares tracking the FT-SE 350 share index with a management charge of under 0.1 per cent. The capital qualifies for membership of corporate syndicates writing insurance business at Lloyd's . The investment is at risk if the claims overwhelm the syndicates, but limited liability ensures there is no danger of sharing the plight of members with unlimited liability. Call 0171- 792 3700 for details.