6 | FTMoney FINANCIAL TIMESSaturday 22February 2020COV E R STO RY
I
ncreasing numbers of borrowers
are splitting their mortgage, tak-
ing advantage of rising competi-
tion between lenders to divide
the debt on home loans to suit
their financial circumstances.
The buyers of top-end properties
and parents acting as the “Bank of
Mum and Dad” are two groups to
whom this trend appeals, mortgage
brokers report.
As confidence returns to the
market, more UK buyers are using
brokers to help them secure more
flexible deals involving more than
one type of loan from the same
lender.
FT Money looks at the different
ways of splitting mortgages and the
financial pitfalls that home buyers
should consider.Split the difference
A common way of splitting mort-
gage debt is for part of the loan to be
repaid on a capital repayment basis,
and the rest on an interest-only
arrangement.
Many borrowers would prefer to
take out an interest-only loan on the
whole property, but because of regu-
latory changes they are limited by the
50 per cent loan-to-value restriction
imposed by most lenders. Splitting
allows them to take out the maxi-
mum interest-only loan and combine
it with a capital repayment mortgage
from the same lender.
Others choose to split because they
want to set themselves the discipline
of paying off some of the loan capital
within a set timeframe, or know that
a cash lump sum is heading their way
in the future.
Borrowers also want the flexibility
to adjust their repayments should
interest rates change, choosing to
have part of their loan on a tracker
rate that allows unlimited over-
payments and another portion on a
fixed rate.
It is possible to lock into competi-
tive rates on five or 10-year loans,
but borrowers are also alive to thepossibility that the Bank of England
could cut interest rates later this year
if the UK economy takes a turn for the
worse. Splitting the type of loan is one
way of hedging their bets.
Mortgage brokers say that split
deals are a niche arrangement and
seldom promoted by banks and
building societies, although competi-
tion is so hot that lenders will often
permit a mortgage to be structured in
a number of ways to suit a borrower’s
needs.
“A lot of lenders have the capability
to do things that they don’t necessar-
ily tell people about,” says Mark
Harris, chief executive of mortgage
broker SPF Private Clients.
“People don’t necessarily knowthat you can mix and match to suit
your needs. With borrowers increas-
ingly demanding flexibility, some
lenders are able to split the terms to
suit the individual circumstances of
those taking out the mortgage.”
Splitting deals is most common at
the higher end of the market where
borrowers are taking on significant
debt. Structuring a property pur-
chase in this way can be an effective
financial planning tool if the bor-
rower is expecting to receive an
inheritance, bonus payment or funds
from selling a second property in the
near term.
Will Rhind, mortgage broker at
Habito, says clients commonly con-
sider a split deal if they are expecting
a tax-free lump sum from their pen-
sion in a few years.
“It’s possible to match the expected
lump sum figure on maturity with the
interest-only portion of the mortgage
and structure the rest on a capital
repayment basis,” he says.
Mr Rhind says Santander is a popu-
lar choice of lender for these sorts
of splits, as it does not have a mini-
mum income requirement for bor-
rowers taking out interest-only
mortgages. However, Habito and
other brokers report they have used
HSBC, Halifax, Nat West, Barclays
and Accord to structure similar prod-
uct splits.
Brokers can combine different
fixed rate or variable rate deals in the
expectation that the borrower will be
able to pay off the shorter term ele-
ment within a year or two.
Simon Gammon, managing part-
ner of mortgage broker Knight Frank
Finance, gives the example of a
£500,000 mortgage split three ways
— one-third on a five-year fixed rate
deal, one-third on a two-year fix and
the final third on a variable rate with
no penalty for overpayments.
This type of arrangement could be
applicable “for someone who wants
the freedom to pay off large parts of
the loan at different times while
retaining the security of a fixed rate”,
he says.Banking on mum and dad
Split deals are unnecessarily com-
plex for most borrowers, but they
tend to attract higher-earning home-
owners such as bankers, law firm
partners or self-employed people,
who receive their income in lumps at
unpredictable intervals.
Andrew Montlake, managing
director of mortgage broker Coreco,
said: “You tend to see it more at the
higher end but it can work for lower
earners too — say a first-time buyer
who wants the security of a five-
year fix but whose parents are look-
ing to give them a lump sum in two
years’ time.”
He says that some borrowers are
surprised at the willingness of mort-
gage lenders to entertain split deals,
but rising competition for customers
and ultra-low interest rates mean it is
harder for banks to differentiate
themselves.
Mr Harris adds: “Today’s lenders
are finding it hard to find volume, and
are having to be flexible. Most of the
big lenders will allow you to split, but
some others haven’t got IT systems
capable of providing it.”
Brokers report that demand for
combination deals has increased
this year as market confidence hasgrown following the election.
One variant on a mortgage split was
launched earlier this month by the
Hinckley & Rugby Building Society,
based on a “joint borrower sole pro-
prietor” mortgage where a buyer uses
the financial backing of another per-
son — typically a parent or grandpar-
ent — to qualify for the mortgage but
retains sole ownership of the home.
These specialist loans allow parents
to help their children on to the prop-
erty ladder without triggering
the stamp duty surcharge aimed at
second homeowners.
HRBS’s new deal would allow a par-
ent acting as the Bank of Mum and
Dad to have a shorter repayment
term on the mortgage than their child
to reflect changing income levels at
different stages of their working lives.
“We wanted to add the ability to
split so we can help first-time buyers
where the parent’s working income is
needed for affordability,” says Caro-
lyn Thornley-Yates, head of sales and
marketing at HRBS.
“Almost all parents plan to retire,
usually before a child’s mortgage
term would end. Splitting the terms
recognises this while enabling
families to help their next genera-
tions into home ownership.”
With mortgage terms commonlyWhy borrowers are
‘doing the splits’
on their mortgages
Borrowers seeking greater flexibility on home loans are
asking brokers to split the difference — and lenders are
often only too keen to help out.James Pickford reports
One common driver for “doing the
splits” on a mortgage is to avoid
penalty fees when a borrower
expects to repay a chunk of capital
early, but wants interest rate
certainty on the rest of the loan.
Andrew Montlake, managing
director at broker Coreco, gives the
example of an £880,000 mortgage
recently arranged with HSBC on a
property purchase of £1.15m.
The borrowers were moving
back to the UK after working
abroad; they had sold their home
overseas but retained a buy-to-let
in the UK which had no mortgage.
Their plan was to sell the rented
home in a year or two, and plough
the proceeds into paying down the
debt on their main residence.
Mr Montlake recommended a
repayment mortgage of £440,000
on a two-year fixed rate of 1.49 per
cent, and the other half on a five-
year fixed rate of 1.84 per cent.
“Given their foreign income and
address at the point of application,
HSBC was the most appropriate
lender,” he said.Case study
Managing a repaymentFINANCIAL TIMESSaturday 22 February 2020 FTMoney| 11DATABANK
SAVINGS FTSE Private Investor Index Series RETIREMENT INCOME
Account Notice Deposit AER% Int
paid
NO NOTICE up to £100
Paragon Bank paragonbank.co.uk Easy Access (8) None £1 1.21% Yly
Marcus by Goldman Sachs® marcus.co.uk Online Savings Account None £1 1.30% Mly
Virgin Money virginmoney.com Double Take E-Saver 14 None £1 1.31% Yly
NO NOTICE £5,000
Yorkshire Building Society ybs.co.uk 1 Year Ltd Access Saver 3 None £100 1.30% Yly
Marcus by Goldman Sachs® marcus.co.uk Online Savings Account None £1 1.30% Mly
Virgin Money virginmoney.com Double Take E-Saver 14 None £1 1.31% Yly
NO NOTICE £10,000
Yorkshire Building Society ybs.co.uk 1 Year Ltd Access Saver 3 None £100 1.30% Yly
Marcus by Goldman Sachs® marcus.co.uk Online Savings Account None £1 1.30% Mly
Virgin Money virginmoney.com Double Take E-Saver 14 None £1 1.31% Yly
NO NOTICE £50,000
Marcus by Goldman Sachs® marcus.co.uk Online Savings Account None £1 1.30% Mly
Virgin Money virginmoney.com Double Take E-Saver 14 None £1 1.31% Yly
Chelsea Building Society thechelsea.co.uk e-Saver Plus None £50,000 1.35% Yly
NO NOTICE £100,000
Marcus by Goldman Sachs® marcus.co.uk Online Savings Account None £1 1.30% Mly
Virgin Money virginmoney.com Double Take E-Saver 14 None £1 1.31% Yly
Chelsea Building Society thechelsea.co.uk e-Saver Plus None £50,000 1.35% Yly
UP TO 90 DAYS NOTICE £1,000
ICICI Bank UK icicibank.co.uk HiSAVE Notice Savings 45 Day £1 1.40% Mly
Bank and Clients via post 90 Day Notice Account 90 Day £1,000 1.45% Yly
Al Rayan Bank alrayanbank.co.uk A 90 Day Notice Account 90 Day £250 1.51% Mly
UP TO 90 DAYS NOTICE £5,000
ICICI Bank UK icicibank.co.uk HiSAVE Notice Savings 45 Day £1 1.40% Mly
Bank and Clients via post 90 Day Notice Account 90 Day £1,000 1.45% Yly
Al Rayan Bank alrayanbank.co.uk A 90 Day Notice Account 90 Day £250 1.51% Mly
UP TO 90 DAYS NOTICE £10,000
Bank and Clients via post 90 Day Notice Account 90 Day £1,000 1.45% Yly
Al Rayan Bank alrayanbank.co.uk A 90 Day Notice Account 90 Day £250 1.51% Mly
BLME blme.com A 90 Day Notice Account (1) 90 Day £10,000 1.71% Qly
UP TO 90 DAYS NOTICE £50,000
Bank and Clients via post 90 Day Notice Account 90 Day £1,000 1.45% Yly
Al Rayan Bank alrayanbank.co.uk A 90 Day Notice Account 90 Day £250 1.51% Mly
BLME blme.com A 90 Day Notice Account (1) 90 Day £10,000 1.71% Qly
UP TO 90 DAYS NOTICE £100,000
ICICI Bank UK icicibank.co.uk HiSAVE Notice Savings 45 Day £1 1.40% Mly
Al Rayan Bank alrayanbank.co.uk A 90 Day Notice Account 90 Day £250 1.51% Mly
BLME blme.com A 90 Day Notice Account (1) 90 Day £10,000 1.71% Qly
MONTHLY INTEREST UP TO £5,000
Paragon Bank paragonbank.co.uk 40 Day Notice Acccount (2) 40 Day £500 1.35% Mly
ICICI Bank UK icicibank.co.uk HiSAVE Notice Savings 45 Day £1 1.40% Mly
Al Rayan Bank alrayanbank.co.uk A 90 Day Notice Account 90 Day £250 1.51% Mly
MONTHLY INTEREST £5,000
Charter Savings Bank chartersavingsbank.co.uk 60 Day Notice - Issue 14 60 Day £5,000 1.40% Mly
ICICI Bank UK icicibank.co.uk HiSAVE Notice Savings 45 Day £1 1.40% Mly
Al Rayan Bank alrayanbank.co.uk A 90 Day Notice Account 90 Day £250 1.51% Mly
MONTHLY INTEREST £10,000
Charter Savings Bank chartersavingsbank.co.uk 60 Day Notice - Issue 14 60 Day £5,000 1.40% Mly
ICICI Bank UK icicibank.co.uk HiSAVE Notice Savings 45 Day £1 1.40% Mly
Al Rayan Bank alrayanbank.co.uk A 90 Day Notice Account 90 Day £250 1.51% Mly
MONTHLY INTEREST £50,000
Charter Savings Bank chartersavingsbank.co.uk 60 Day Notice - Issue 14 60 Day £5,000 1.40% Mly
ICICI Bank UK icicibank.co.uk HiSAVE Notice Savings 45 Day £1 1.40% Mly
Al Rayan Bank alrayanbank.co.uk A 90 Day Notice Account 90 Day £250 1.51% Mly
OFFSHORE ACCOUNTS £10,000
Skipton International Ltd 0148 173 0730 Individual Access Plus None £10,000 1.10% Yly
Skipton International Ltd 0148 173 0730 International Savings 32 32 Day £10,000 1.25% Yly
Skipton International Ltd 0148 173 0730 International Savings 50 50 Day £10,000 1.35% Yly
ACCOUNTS WITH INTRODUCTORY BONUSTSB tsb.co.uk eSavings None £1 0.60% Yly
Post Office Money® via branch Instant Saver (Issue 11) Instant £100 0.75% Yly
AA theaa.com Easy Saver - Issue 12 None £100 1.11% Yly
Tesco Bank tescobank.com Internet Saver None £1 1.16% Yly
Principality BS principality.co.uk Online Saver 3 None £1 1.28% Yly
Post Office Money® postoffice.co.uk Online Saver Issue 45 None £1 1.30% Yly
SAGA saga.co.uk Easy Access Savings None £1 1.30% Mly
A - Protected by a non-UK compensation scheme. B - Introductory rate for a limited period.
All rates shown as AER variable unless otherwise stated. Methods of opening and operating accounts vary.
All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for
any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should
seek expert advice.
Figures compiled on 20 February
Source: Moneyfacts.co.uk - Helping you make better financial decisions% change
20 Feb 1 mth 3 mth 1 yr 5 yrs
(1) FTSE UK Private Investor Ultra Conservative Index 1195.94 1.28 1.50 6.46 11.89
(2) FTSE UK Private Investor Conservative Index 1367.74 0.55 2.27 7.09 17.30
(3) FTSE UK Private Investor Income Index 3339.94 0.36 2.91 8.36 21.03
(4) FTSE UK Private Investor Balanced Index 4632.66 0.18 3.46 9.47 26.89
(5) FTSE UK Private Investor Growth Index 5578.11 0.16 4.11 11.18 32.29
(6) FTSE UK Private Investor Ultra Growth Index 1940.66 0.13 5.18 14.00 48.92
(7) FTSE UK Private Investor Global Growth Index 1944.42 0.37 5.82 15.94 59.90
(8) FTSE All-Share Index 4158.30 -2.34 2.78 5.76 12.08
(9) FTSE All-World Ex UK Index 456.22 0.86 6.22 17.37 65.22
Numbers next to index name relate to chart below. Chart shows movements of private investor indices (rebased to 5 years ago
= 100)-10% 0% 10% 20% 30% 40% 50% 60% 70%% change
5 year% change
1 year% change
6 month% change
3 month% change
1 month(1) FTSE UK Private Investor
Ultra Conservative Index
(2) FTSE UK Private Investor
Conservative Index
(3) FTSE UK Private Investor
Income Index
(4) FTSE UK Private Investor
Balanced Index
(5) FTSE UK Private Investor
Growth Index
(6) FTSE UK Private Investor
Ultra Growth Index
(7) FTSE UK Private Investor
Global Growth IndexSource: FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group
companies and is used by FTSE International Limited under license. All rights in the FTSE indices and / or FTSE ratings vest in
FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and /
or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and / or data underlying data contained
in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not
promote, sponsor or endorse the content of this communication. For more information, please go to: http://www.ftse.com/products/
downloads/FTSE_Private_Investor_Index_Series_Asset_Allocations.pdfISA RATES
Account Notice Deposit Transfer
InAER% Int
paid
Cash ISAs
Mansfield BS via branch 180 Day Notice ISA (2nd) 180 Day £1 No 1.30% Yly
Paragon Bank paragonbank.co.uk 120 Day Notice ISA - 1 120 Day £500 Yes 1.31% Yly
Virgin Money virginmoney.com Double Take E-ISA 14 None £1 Yes 1.31% Yly
Al Rayan Bank alrayanbank.co.uk A Instant Access Cash ISA Instant £50 Yes 1.36% Mly
Fixed-Rate Cash ISAs
Virgin Money virginmoney.com Fixed Cash E-ISA Issue 416 24.02.21 £1 Yes 1.36% Yly
Ford Money fordmoney.co.uk Fixed Cash ISA 1 Year Bond £500 Yes 1.37% Yly
Loughborough BS via branch Fixed Rate Cash ISA - Issue 805.04.21 £1,000 No 1.40% Yly
OakNorth Bank oaknorth.co.uk Fixed Rate Cash ISA 12 Month Bond £1 Yes 1.41% Mly
A = Introductory rate for a limited period. B = Provider operates under islamic finance principles, rate shown is expected profit
rate.
All rates shown as AER variable unless otherwise stated. Methods of opening and operating accounts vary.
All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can
be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not
financial professionals should seek expert advice.
Figures compiled on 20 February
Source: Moneyfacts.co.uk - Helping you make better financial decisionsSNAPSHOT
Ranking Income pa
Aged 55 single life
Legal & General 1 3981.96
Scottish Widows 2 3669.00
Just 3 3648.96
Aviva 4 3642.48
Movement since 12/02/2020 0.00%
Aged 60 single life
Legal & General 1 4379.64
Just 2 4204.80
Hodge 3 4108.63
Scottish Widows 4 4105.20
Movement since 12/02/2020 0.00%
Aged 65 single life
Legal & General 1 5160.12
Scottish Widows 2 5015.52
Just 3 4866.72
Aviva 4 4821.12
Movement since 12/02/2020 0.00%
Male 60 / Wife 57 joint life
Legal & General 1 4019.16
Hodge 2 3831.37
Just 3 3831.36
Canada Life 4 3718.08
Movement since 12/02/2020 0.00%
Male 65 / Wife 62 joint life
Legal & General 1 4493.76
Hodge 2 4383.07
Just 3 4365.00
Scottish Widows 4 4336.56
Movement since 12/02/2020 0.00%All payments are monthly in arrears, without a guarantee period
and without escalation, with a spouse's benefit of 50% where
applicable. Gender neutral rates. Figures assume an annuity
purchase price of £100,000 and are shown gross. LS1 Postcode. A
company appearing top for one set of benefits or age may be poor
for a different set of benefits (for example, an index-linked annuity)
or a different age. It is therefore imperative that you shop around
for an annuity suited to your own circumstances. The tables do not
include enhanced annuity rates for smokers or those in ill-health,
nor for companies that provide annuities only for a specific group
of retirees. The lower-paying providers have not been shown. The
ranking column shows the position of the provider in relation to the
top-paying annuity provider.
Figures supplied by JLT Pension Decision. A trading name of JLT
Wealth Management Limited. The St Botolph Building, 138
Houndsditch, London EC3A 7AW
http://www.jltemployeebenefits.com/what-we-do/wealth-
management
An annuity provides a guaranteed income for life in return for a
lump sum investment. The bulk of the fund built up by many types
of pension plans are used in this way. Annuity income is fully
taxable. This week's table shows the best rate for PERSONAL
PENSION ANNUITIES which are used for personal pension plans
and retirement annuity contracts. The rates in the chart do not
include inflation proofing. The movement shown is in the rate of
the leading provider.
Data compiled on 19 FebruaryOUR DATA
If you have any queries regarding
the data provided please email
[email protected]MORTGAGE RATES PERMANENT INTEREST BEARING SHARES
Rate MaxLTV Fee ERC period
Short Term Fixed Rates
NatWest 0800 587 6599 1.25% to 30.6.22 75% £995 To 30.6.22
HSBC 0808 256 6876 1.99% to 30.6.22 90% - To 30.6.22
Coventry BS 0800 121 8899 1.69% to 31.3.23 85% £999 To 31.3.23
Virgin Money 0330 057 1701 2.08% to 1.5.23 90% - To 1.5.23
Longer Term Fixed Rates
first direct 0800 482448 1.59% for 5 years 75% £490 1st 5 yrs
HSBC 0808 256 6876 2.24% to 30.6.25 90% - To 30.6.25
Halifax 0345 727 3747 2.13% to 31.5.30 60% £995 To 31.5.30
Coventry BS 0800 121 8899 2.35% to 31.3.30 85% £999 To 31.3.30
Remortgages
NatWest 0800 587 6599 1.51%F to 30.6.22 80% £995 To 30.6.22
Coventry BS 0800 121 8899 1.69%F to 31.3.23 85% £999 To 31.3.23
first direct 0800 482448 1.59%F for 5 years 75% £490 1st 5 yrs
Coventry BS 0800 121 8899 2.05%V for term 75% £999 None
First Time Buyers (variable unless shown)
Leek United BS 0845 219 0250 2.60%D for 2 years 95% - 1st 2 yrs
Yorkshire BS 0345 120 0874 2.77%F to 31.5.22 95% £250 To 31.5.22
The Melton BS 01664 414141 2.79%D for 3 years 95% - 1st 3 yrs
Hanley Economic BS 01782 255000 2.79%F to 31.3.25 95% - To 31.3.25
Discounted Variable Rates
Leek United BS 0845 219 0250 1.59% for 2 years 75% £199 1st 2 yrs
Saffron BS 0800 072 1100 1.74% for 2 years 80% £180 1st 2 yrs
Stafford Railway BS 01785 223212 2.25% for 3 years 90% £499 1st 3 yrs
Hinckley & Rugby BS 0800 774499 2.59% for term 80% £999 None
Flexible Variable Rates
Chelsea BS 0345 120 0842 1.87%V to 31.3.22 65% £1,495 None
Stafford Railway BS 01785 223212 2.25%D for 3 years 90% £499 1st 3 yrs
Hinckley & Rugby BS 0800 774499 2.59%D for term 80% £999 None
NatWest 0800 587 6599 4.25%V for term 80% £499 None
Buy-to-Let Variable Rates
NatWest 0800 587 6599 1.87%V to 30.6.22 70% £995 To 30.6.22
Principality BS 0845 045 0006 2.15%D to 30.4.22 75% - To 30.4.22
Coventry BS 0800 121 8899 2.19%V for term 75% £1,999 None
Buy-to-Let Fixed Rates
NatWest 0800 587 6599 1.35% to 30.6.22 60% £995 To 30.6.22
Virgin Money 0330 057 1701 1.63% to 1.5.23 75% £1,995 To 1.5.23
Virgin Money 0330 057 1701 2.04% to 1.5.25 75% £1,995 To 1.5.25
D = Discounted rate. F = Fixed rate. V = Variable rate.
Terms and conditions may apply when you repay your mortgage.
All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for
any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should
seek expert advice.
Figures compiled on 20 February
Source: Moneyfacts.co.uk - Helping you make better financial decisionsPIBs & Former PIBs Coupon Issue price Minimum Price Yield Yield
(Gross) % (p) (£) (p) (gross %) (if called)
Bank of Ireland 13 3/8% Perp. Sub Bonds 13.375% 100 1000 216 6.19 -
Cheltenham & Gloucester 11 3/4% Perp. Bonds 11.750% 100 50000 250 4.70 -
Co-operative Group 11% Final Repayment Notes 20/12/2025 11.000% 100 1 share 129.4 8.50 5.02
Co-operative Group Instalment Repayment Notes (9p) 20/12/2025 12.125% 12 1 share 5.4 19.18 3.26
Coventry 12 1/8% PIBS 12.125% 100 1000 212 5.72 -
Halifax 8 3/4% Perp. Sub Bonds (call 14/9/2023 @ 100p) 8.750% 100 50000 122 7.17 2.27
Halifax 9 3/8% Perp. Sub Bonds 9.375% 100 1000 165 5.68 -
Halifax 12% Perp. Sub Bonds (call 30/1/2022 @ 100p) 12.000% 100 50000 124.5 9.64 -0.60
Leeds 13 3/8% PIBS 13.375% 100 1000 225.25 5.94 -
Manchester 6 3/4% PIBS (call 13/4/2030 @ 100p) 6.750% 100 1000 27 - -
Manchester 8% PIBS 8.000% 100 1000 28 - -
Nationwide CCDS (paying 10.25% coupon) 10.250% 100 250 shares+1 177 5.79 -
Nationwide floating rate PIBS (pays 6 month LIBOR + 2.4%) 6.250% 100 1000 95 3.42 -
Nationwide 6 1/4% PIBS (call 22/10/2024 @ 100p) 6.250% 100 1000 113 5.53 3.21
Nationwide 7 1/4% PIBS (call 5/12/2021 @ 100p) 7.250% 100 1000 110.6 6.56 1.20
Nationwide 7.859% PIBS Receipts (call 13/3/2030 @ 100p) 7.859% 100 100000 148 5.31 2.44
Newcastle 10 3/4% PIBS 10.750% 100 1000 176 6.11 -
Newcastle 12 5/8% PIBS 12.625% 100 1000 206.5 6.11 -
Nottingham 7 7/8% PIBS 7.875% 100 5000 135 5.83 -
OneSavings Bank Floating Rate Sub (reset 7/3/2021) 9.000% 100 1000 92.5 4.97 -
OneSavings Bank Floating Rate Sub (reset/call 27/8/2024) 8.500% 100 1000 92 5.00 6.67
Principality 7% PIBS (call 1/6/2020 @ 100p) 7.000% 100 1000 101 6.93 3.10
Skipton 8 1/2% PIBS 8.500% 100 2500 143.5 5.92 -
Skipton 12 7/8% PIBS 12.875% 100 1000 215.5 5.97 -
Ulster Bank 11 3/4% Sub Bonds 11.750% 100 1000 180 6.46 -
West Bromwich CCDS 0.000% 100 500 shares+1 47.5 8.52 -
West Bromwich 6.15% PIBS (call 5/4/2021 @ 100p) 6.150% 100 1000 53 N 43.32
West Bromwich 11% Sub (call 12/4/2033 @ 100p) 11.000% 100 1+100 shares 144 7.64 6.62
Yorkshire 13.5% Convertible Notes (maturity 1/4/2025 @ 100p) 13.500% 100 500 shares 143 9.44 4.07
New text: A = Floating rate (3 month LIBOR + 1.05%). N = The next interest payment is not expected to be made. X = Pays the lower of 6.15% and the coupon rate attributable to the Profit Participating
Deferred Shares (PDDs). Y = Callable on any interest payment date.
Data compiled on 20 February
Source: CANACCORD Genuity