BUY TO LET
Exclusive Connections
Product: Buy to Let
Funded by: Bristol & West
Description: Three-year fixed rate mortgage.
Rate: Initial rate of 6.99%.
Max LTV: 85%
Redemption penalty: 5% of the sum repaid over three years.
Procuration fee: Refer to lender.
Arrangement fee: £375
Other: Not available for first time buyers.
Contact: 0870 330 1817
Product: Buy to Let
Funded by: Mortgage Express
Description: Fixed rate until 03/09/2004.
Rate: Initial rate of 6.75%.
Max LTV: 80%
Redemption penalty: Six months’ interest at the fixed rate until 03/09/2004.
Procuration fee: 0.25%
Completion fee: 1% of advance ‘ added to the loan.
Contact: 0870 330 1817
Mortgage Next
Product: Buy to Let
Funded by: Bristol & West
Description: Tracker mortgage
Rate: 1.1% above base rate for 36 months, reverting to base rate plus 1.75% up to 75% LTV. 1.15% above base rate for 36 months, reverting to base rate plus 1.75% up to 85%LTV.
Max LTV: 85%
Redemption penalty: 5% of sum repaid for two years, then 4% for one year. Administration fee of £100 charged on redemption.
Procuration fee: £300
Completion fee: £399
Other: £350 contribution towards legal costs.
Contact: 0800 731 7474
DISCOUNTED RATE
Exclusive Connections
Product: Discount mortgage
Funded by: Mortgage Express
Description: Discount mortgage with high LTV.
Discount: 1% for two years.
Rate: Initial rate of 6.25%.
Max LTV: 105% for remortgages, 102% for first time buyers.
Redemption penalty: Three months’ interest at the variable rate for the first three years.
Procuration fee: £100
Arrangement fee: £325 ‘ can be added to the loan.
Contact: 0870 330 1817
Pink Home Loans
Product: Discount mortgage
Funded by: The Mortgage Business
Description: Discounted variable rate mortgage.
Discount: 2% until 01/07/2003.
Rate: Initial rate of 4.99%.
Max LTV: 85%
MIG: Over 70%LTV.
Redemption penalty: Three months’ interest in year one, two months’ interest in year two and one month’s interest in year three.
Procuration fee: 0.5%
Arrangement fee: £299
Contact: 08707 590 170
Skipton Mortgage Ltd
Product: Discount mortgage
Description: Discounted variable rate mortgage.
Discount: 1.5% for one year
Rate: Initial rate of 5.5%.
Max LTV: 100%
MIG: Over 75%LTV.
Redemption penalty: 5% in year one, 4% in year two and 3% in year three.
Procuration fee: Refer to lender.
Contact: 0870 601 3205
FIXED RATE
Cheltenham & Gloucester
Product: Fixed rate mortgage
Description: Fixed rate until 31/10/2003, with high LTV.
Rate: Initial rate of 7.49%.
Max LTV: 100%
Redemption penalty: 2% in year one and 1% in year two.
Procuration fee: £150
Arrangement fee: £299
Contact: 01452 373187
Product: Fixed rate mortgage
Description: Fixed rate until 31/10/2003, for self-certification.
Rate: Initial rate of 7.49%.
Max LTV: 95%
Redemption penalty: 2% in year one and 1% in year two.
Procuration fee: £150
Arrangement fee: £299
Contact: 01452 373 187
Product: Seven-year fixed rate
Description: Fixed rate mortgage.
Rate: 5.99% for seven years.
Max LTV: 90%
Redemption penalty: 7% in year one, 6% in year two, 5% in year three, 4% in year four, 3% in year five, 2% in year six and 1% in year seven.
Procuration fee: £150
Arrangement fee: £199
Other: Free in-house legal service or £150 towards own solicitor fees for remortgaging customers.
Contact: 01452 373 187
Exclusive Connections
Product: Fixed rate mortgage
Funded by: Mortgage Express
Description: Fixed rate until 03/09/2003, for self-certification.
Rate: Initial rate of 6.25%.
Max LTV: 90% for purchase, 80% for remortgage.
Redemption penalty: Three months’ interest at the fixed rate until 03/09/2003.
Procuration fee: Refer to lender.
Completion fee: £325 ‘ added to the loan.
Other: Debt consolidation facility.
Contact: 0870 330 1817
Product: One-year fixed rate
Funded by: Bristol & West
Description: Fixed until 30/09/2002, then bank base rate plus 0.75% until 30/09/2004, reverting to bank base rate plus 1%.
Rate: Initial rate of 5.25%.
Max LTV: 95%
MIG: Over 85% LTV.
Redemption penalty: 5% of sum repaid until 30/09/2004, 4% of sum repaid until 30/09/2006.
Procuration fee: Refer to lender.
Arrangement fee: £299
Contact: 0870 330 1817
Product: One-year fixed rate
Funded by: Bristol & West
Description: Fixed until 30/09/2002.
Rate: Initial rate of 4.55%.
Max LTV: 95%
MIG: Over 85%LTV.
Redemption penalty: 5% of sum repaid until 30/09/2004 and 4% of sum repaid until 30/09/2006.
Procuration fee: Refer to lender.
Arrangement fee: £299
Contact: 0870 330 1817
Mortgage Next
Product: One-year fixed rate
Funded by: Bristol & West
Description: Fixed for one year, then base rate plus 0.6% for two years, reverting to 1%.
Rate: Intitial rate of 5.99%.
Max LTV: 95%
MIG: Over 75% LTV.
Redemption penalty: 5% of sum repaid for two years, then 4% for one year. Administration fee of £100 charged on redemption.
Procuration fee: £275
Completion fee: £299 ‘ can be added to loan.
Contact: 0800 731 7474
Platform Home Loans
Product: Fixed rate mortgage
Description: Fixed until 01/12/2002.
Rate: Initial rate of 6.74% up to 65% LTV, 6.99% up to 75%LTV, 7.24% up to 85% LTV and 7.49% up to 95% LTV.
Max LTV: 95%
Redemption penalty: 6% in years one and two, 5% in year three and one month’s notice or 1% of the amount redeemed thereafter.
Procuration fee: Varies
Arrangement fee: £395
Other: Available for borrowers with adverse credit.
Contact: 0845 600 7100
Standard Variable Rate
Furness Building Society
Product: Cashback mortgage
Description: Standard variable rate mortgage with cashback of up to 4%.
Rate: Standard variable rate.
Max LTV: 95%
Redemption penalty: 100% of cashback must be repaid in years one and two, 75% in year three, 50% in year four and 25% in year five.
Procuration fee: Depends on size of loan.
Contact: 0800 834 312
TRACKER
Mortgage Next
Product: Base rate tracker
Funded by: Bristol & West
Description: Fee free base rate tracker mortgage.
Rate: 0.7% over base rate for 36 months, reverting to 1% above base rate.
Max LTV: 95%
MIG: Over 75% LTV.
Redemption penalty: 5% of sum repaid for two years, then 4% for one year. Administration fee of £100 charged on redemption.
Procuration fee: £225
Completion fee: £299 ‘ can be added to loan.
Other: Free valuation and £310 contribution towards legal fees.
Contact: 0800 731 7474
The Mortgage Operation
Product: Flexible Freedom Mortgage
Funded by: Bristol & West CMS
Description: Base rate tracker.
Discount: 0.45% below bank base rate for nine months.
Rate: Initial rate of 4.8%.
Max LTV: 90%
Procuration fee: 0.35% with a minimum payment of £300.
Arrangement fee: £299
Contact: 01295 279 626
TMO launches two new products
Two new products that aim to let advisers offer competitive rates to different types of borrower have been launched by mortgage network, The Mortgage Operation (TMO).
The products, funded by Birmingham Midshires Solutions (BMS), both have an initial payable rate of 5.1% with 1.9% discount from the standard variable rate for 30 months.
The Fee Assisted Remortgage is aimed at borrowers wishing to reduce outgoings and has a free legal service. The Discount Cashback mortgage is aimed at remortgaging customers who may need extra funds. Both products offer daily interest calculation, are open to self-employed applicants and have an LTV of 95%.
Mark Charlesworth, managing director of TMO, said: ‘These products from BMS offer financial advisers the opportunity to promote this competitive rate to a wide variety of borrowers. The Fee Assisted option is ideal for borrowers looking to reduce outgoings and switch lenders at nominal costs. The cashback option is a good alternative for those borrowers looking to remortgage or move again and need a bit of extra cash.’
Arrangement fees for both products are £299 and no MIG is charged up to 90%LTV. Commission for advisers is 0.35% of the loan size, with a minimum payment of £200.
Contact: 020 7571 2414
