Countrywide announces new MarketGuard agreement

Countrywide Mortgage Services

Thursday, November 18, 2010

Countrywide, the UK's largest mortgage broker and property services group, has signed an agreement with the insurer MarketGuard to distribute its rate capping insurance product, RateGuard.

Under the terms of the new agreement, RateGuard will be recommended to clients who are unable to remortgage but want to protect themselves against the effects of future interest rate rises.

Grenville Turner, chief executive of Countrywide, said: "RateGuard presents a huge opportunity for Countrywide to help the thousands of customers 'trapped' on SVRs who are unable to remortgage. For years, SVR customers have felt that they only have two options; either remortgage or stay as they are and chance huge repayment increases if the Bank of England increase interest rates, but RateGuard presents a genuine alternative for those without the equity in their home to remortgage at an attractive rate.

Grenville added: "As a market leader, we pride ourselves on being able to offer the right solution to fit each customer's financial needs and we look forward to seeing how RateGuard can provide some much-needed protection and peace of mind to our customers."

Chris Taylor, CEO of MarketGuard, comments: "The FSA estimates that changed lending conditions have already left in excess of two million people unable to remortgage. If interest rates start to move upwards in response to inflationary pressure this number will increase dramatically. RateGuard allows Countrywide's consultants to protect their clients from the effects of interest rate rises by paying a monthly insurance premium, typically as little as £30 per month for 24 months' cover based on a repayment mortgage of £100,000 and an excess of 1%."

How RateGuard works:

* http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/1111_sn.shtml

RateGuard press contacts:
Inez de Koning, Lansons Communications on 020 7294 3623 inezd@Lansons.com 
Laura Cronin, Lansons Communications on 020 7294 3607 / 07957 647 580  Laurac@Lansons.com

Notes to editor:
Countrywide Mortgage Services is part ofCountrywide, the UK's largest property services Group. Countrywide's network of expertise helps more people move than any other business in the UK and is a leading provider of estate agency, lettings, mortgage services, land and new homes, franchising, auctions, surveying, conveyancing and corporate property management services.

Countrywide's award-winning service has earned the business 62 high-profile industry awards in recent years, with customers voting Countrywide the Best Large Estate Agency Chain and Best Large Lettings Chain at the 2010 Estate Agency of The Year Awards. Other accolades include National Letting Agency of the Year and Residential Mortgage Broker of the Year at the 2010 Negotiator Awards, and Best Use of Technology at the 2010 Mortgage Finance Gazette Awards.

 

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