Will the new CAT standard
mortgages be as good as the Government claims they will be?
The Council of Mortgage Lenders welcomed the changes and said the first CAT standard
mortgages will be available within days.
These have a CAT standard
mark and are already in force with tax-exempt Individual Savings Accounts.
Meantime, funds which meet the Government's CAT standard
- for Cost, Access and easy-to-understand Terms - do better because their charges are lower, according to figures from Norwich Union.
The low charges on CAT standard
funds create a significant boost to performance, enhancing returns by as much as 7 per cent in the first year," said Mr Mark Skinner, director of sales at Norwich Union Investment funds.
25% until 31/01/2000"*** Rate includes 1% introductory bonus for accounts opened until 31/12TESSA ONLY ISA - pounds 1,000 TO INVESTProvider Product Contact Number Gross Rate Cat Standard
Britain's biggest mortgage lenders will not be able to bring in home loans to comply with the Government's new CAT standard
until after the Millennium.
Firms whose products meet the CAT standard
carry a CAT mark.
Key targets for CAT standard
mortgages will include:
For example, if you wanted to invest in a shares ISA which invests mainly outside Europe, it would not qualify for the CAT Standard
In the past we had the CAT standard
for ISAs but that never really took off.
WHAT A CRACKER: Hoping the fundraising fireworks will go with a bang are, from left, Kate Leadbeater, of Kirkwood Hospice, Helen Ashton, Bob Hryndyj and Debbie Coates, of Black Cat Standard
Fireworks, with the Golden Bees firework