Protection specialist to lend £50m with free income protection
In response to calls for those within the financial services sector to take a more ethical approach to loans, protection specialist Simon Burgess is planning to release £50m of his own funds to provide loans with free income protection.
The money will be made available online via British Loans Limited - a wholly-owned subsidiary of his existing income protection firm, British Money Limited. Borrowers will be offered a competitive APR and the cost of the additional Defaqto-rated five star cover will be absorbed by Burgess out of his profit margins.
He comments:
“I’m currently sorting out the access to funding issues and developing the website, but when complete, this will be a huge leap forward in addressing calls for greater financial inclusion in an ethical manner, whilst giving borrowers peace of mind their loan is automatically covered. I urge other lenders to follow suit.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
CHL Mortgages
CHL enhances bridging range with AVMs and enhanced adverse credit criteria
Housing Market
July housing transactions dip 2% amid 'cautious market': HMRC
