Money: Swap bad for better

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The Independent Online
PEP transfers are big business, and the latest to join the market is Witan investment trust's scheme. Witan is part of Henderson Investors and it invests in 200 blue-chip shares in 32 countries. Performance has been good, and the transfer has low charges: you can move your lacklustre PEPs and keep all the tax benefits for just 0.5 per cent - the Government's stamp duty. Normal fees have been waived for PEP transfer. After the first year you will be charged pounds 30 a year plus VAT as a management fee, so the scheme is best value for those with fairly large sums to transfer. For details call 0800 212256 or

Hargreaves Lansdown has earned a CATmark for its active tracking fund ISA. This means the firm commits to keeping charges at 1 per cent a year, with no initial charge. The active tracking fund gives you the chance to put money into a fund that uses active managers who use their judgement to screen out poor performers in the FT-SE 100 index, rather than buying all the shares (as a normal tracker does). For more details call 0117- 988 9880.

Leeds & Holbeck building society has a new five-year discount mortgage, giving the guarantee that you will never pay more than 1 per cent more than the Bank of England interest rate. Borrowers can make lump sum repayments at any time, there is no application fee and no early repayment penalty. Maximum loan is 90 per cent of the value of the property. Call 0800 072 5726.