You are here: Home - News -

Product round-up

by:
  • 10/08/2001
  • 0
Each month we bring you the key features of recently launched or relaunched mortgage products

BUY TO LET

Bristol & West

Product: Buy-to-Let

Description: Five-year fixed rate until 30/03/2006.

Rate: Initial rate of 6.19%

Max LTV: 75%

Completion fee: £399

Redemption fee: 7% until 30/06/2002, then 6% until 30/06/2004, then 5% until 30/06/2006.

Procuration fee: Varies

Other: Minimum loan £100,000. £100 administration fee upon redemption.

Contact: 0117 943 7990

Exclusive Connections

Product: Buy-to-Let

Funded by: Mortgage Express

Description: Flexible two-year discount of 1.25%.

Rate: Initial rate of 7%.

Max LTV: 80%

Completion fee: £325

Redemption fee: Six months’ interest at the SVR for three years.

Procuration fee: 0.25%

Other: Overpayments, underpayments and payment holidays allowed. Unlimited properties up to £1m. A completion fee can be added to the loan.

Contact: 0870 330 1817

Skipton Building Society

Product: Buy-to-Let

Description: Discount of 0.3% for one year.

Rate: Initial rate of 6.9%.

Max LTV: 80%

Completion fee: £125

Redemption fee: One month’s interest or notice.

Procuration fee: By negotiation.

Contact: 0800 446 776

CAPPED RATE

Cheltenham & Gloucester

Product: Four-year capped rate

mortgage

Description: Capped until 31/10/2005.

Rate: Initial rate of 5.99% (to 90% LTV), or 6.19% (to 95% LTV).

Max LTV: 95%

Completion fee: £199

Redemption fee: Reduces by 1% per annum, 4% in year one, 3% in year two, 2% in year three and 1% in the final year.

Procuration fee: £150 (or £500 on mortgages over £200,000 if completed before the end of June).

Other: Free legals or £150 towards costs.

Contact: 01452 373 187

DISCOUNT

Bristol & West

Product: Two-year discount mortgage

Description: 1.25% discount off base rate for two years following completion.

Rate: Initial rate of 5.75%.

Max LTV: 75%

Arrangement fee: £299

Redemption fee: Up to 50% can be repaid early per annum with no charges, as long as there is 50% of the balance outstanding on the account on 1 April each year. If fully repaid the redemption charge will be 5% of the sum repaid for two years from completion.

Procuration fee: Varies

Contact: 0117 943 7990

Exclusive Connections

Product: Three-year discount

Funded by: Leeds & Holbeck Building Society

Description: 1.25% discount (90% LTV) or 1% discount (95% LTV) for three years.

Rate: Initial rate of 5.59% (90% LTV) or 5.84% (95% LTV).

Max LTV: 95%

MIG: Free to 75%.

Procuration fee: £100

Other: £250 cashback. Open to employed, self-employed and first time buyers.

Contact: 0870 330 1817

Mortgages plc

Product: Super Discount 75

Description: Discount of 2% for one year, available to adverse market.

Discount: 2% for one year.

Rate: 6.74%

Max LTV: 75%

Redemption penalty: Six months’ interest in first three years and one month’s interest or one month’s notice thereafter.

Procuration fee: Varies

Arrangement fee: £295

Other: Available for purchase or remortgage, full status and self-certification, up to £5,000 of CCJs, up to two months’ arrears at application.

Contact:0845 6050 402

Skipton Building Society

Product: The Head Start Mortgage

Description: Discount mortgage for remortgage and first time buyers.

Discount: 1.30% for six months, followed by 0.30% until the end of year two.

Rate: Current variable interest rate is 6.90%.

Max LTV: 95%

Redemption penalty: Interest to the end of the month.

Procuration fee: By negotiation.

Arrangement fee: None

Other: Free legal fees for remortgages up to 85%LTV, free buildings insurance for 12 months or free ASU for six months or 40% off house and contents for 12 months.

Contact: 0800 446 776

FIXED RATE

Bristol & West

Product: Five-year fixed rate

Description: Fixed until 30/06/2006.

Rate: Initial rate of 5.89%.

Max LTV: 95%

Arrangement fee: £299

Redemption fee: 7% until 30/06/2002, then 6% until 30/06/2004, and 5% until 30/06/2006.

Procuration fee: Varies

Other: £100 administration fee upon redemption.

Contact: 0117 943 7990

Britannic Money

Product: Fixed rate tracker mortgage

Description: Three-year fixed rate tracker mortgage with no redemption penalty.

Rate: 5.99% for three years, then 1.74% above base rate, or 1.24% up to 75% LTV.

Max LTV: 95%

Redemption penalty: None

Procuration fee: Varies

Arrangement fee: None

Other: Currrent account option, £150 cashback for property valuation costs, £200 cashback for legal fees or a free remortgage legal service, banking facilities for instant access to overpayments, no compulsory insurance.

Contact: 0800 550 551

Cheltenham & Gloucester

Product: Fixed rate mortgages

Description: Two, three or five-year fixed rate.

Rate: Initial rate 5.69% (90% LTV) or 5.89% (95% LTV) for two years, or 5.79% (90% LTV) or 5.99% (95% LTV) for three and five years for loans of £60,000 and above.

Max LTV: 95%

Completion fee: £199

Redemption fee: Reduces by 1% per annum, for example 3% in year one, 2% in year two and 1% in final year.

Procuration fee: £150 (or £500 on mortgages over £200,000 if completed before the end of June).

Other: Free legals or £150 towards costs.

Contact: 01452 373 187

GMAC Residential Funding

Product: Fixed rate mortgage

Description: Two-year fixed rate mortgage.

Rate:4.99% until 01/10/2003.

Max LTV: 75%

Redemption fee: 5% until 01/10/2003.

Procuration fee: 0.35%

Arrangement fee: £295

Contact: 01344 477 477

GMAC Residential Funding

Product: Fixed rate mortgage

Description: Two-year fixed rate mortgage with no redemption charge.

Rate: 5.24% until 01/10/2003.

Max LTV: 75%

Redemption penalty: None

Procuration fee: 0.35%

Arrangement fee: £295

Contact: 01344 477 477

GMAC Residential Funding

Product: Fixed rate mortgage

Description: Two-year fixed rate mortgage.

Rate: 5.19% until 01/10/2003.

Max LTV: 95%

MIG: Above 90% LTV.

Redemption penalty: 5% until 01/10/2003.

Procuration fee: 0.35%

Arrangement fee: £295

Contact: 01344 477 477

Pink Home Loans

Product: Fixed rate mortgage

Funded by: Skipton Mortgages

Description: Three-year fixed rate mortgage, available to adverse market.

Rate: 6.75% until 31/07/2004.

Max LTV: 85%

MIG: Above 80% LTV.

Redemption penalty: 5% in year one, 4% in year two and 3% in year three.

Procuration fee: 1%, with a minimum of £500.

Arrangement fee: £395

Other: Three months’ arrears in last 12 months and unlimited CCJs totalling £10,000 allowed.

Contact: 08707 590 170

Platform Home Loans

Product: One-year fixed/capped rate mortgage

Description: Borrowers can choose a fixed or capped rate until 1/07/2002.

Rate: Initial rate of 7.25% (to 80% LTV), or 7.49% (to 95% LTV).

Max LTV: 95%

Completion fee: £395

Redemption fee: 6% in year one, 6% in year two, 5% in year three and one month’s notice or 1% thereafter.

Procuration fee: 1% (minimum £500).

Other: Loans available up to £200,000. Available to first time buyers.

Contact: 0845 600 7100 or visit

www.platformhomeloans.com

Sun Bank

Product: Five-year fixed rate mortgage

Description: Fixed until 1/09/2001.

Rate: Initial rate of 5.74% (to 75% LTV), or 6.24% (to 95% LTV).

Max LTV: 95%

MIG: Free to 90%.

Completion fee: £395

Redemption fee: 5%

Procuration fee: 0.25%

Contact: 0845 6010 763 or visit

www.sunbank.com

Standard variable rate

Exclusive Connections

Product: 100% mortgage

Funded by: The Mortgage Business

Description: LTV of 100% based on lenders’ SVR.

Rate: Initial rate of 7.24%.

Max LTV: 100%

MIG: Free to 75%.

Completion fee: £299

Redemption fee: Three months’ interest in year one, two months’ interest in year two, and one month in year three.

Procuration fee: 0.5%

Other: The maximum loan available is £100,000. A completion fee can be added.

Contact: 0870 330 1817

TRACKER

Bristol & West

Product: Base rate tracker

Description: Two-year base rate tracker at base rate plus 0.15% then base rate plus 1%.

Rate: Initial rate of 5.40%.

Max LTV: 95%

MIG: Free to 85%.

Completion fee: £299

Redemption fee: 5% until 30/06/2003.

Procuration fee: Varies

Other: £100 administration fee upon redemption.

Contact: 0117 943 7990

Sun Bank launches Fix & Flex

Sun Bank has launched a new mortgage that combines elements of a fixed rate mortgage with those of a flexible product.

The Fix & Flex mortgage can be tailored to suit the individual needs of the client, and allows them to fix up to half of the loan, while the remainder is calculated at the prevailing flexible mortgage variable rate.

The fixed rate is stepped with an initial rate of 4.74% payable until 1/1/2002, and then 5.74% until 1/9/2003, while the initial variable rate is 6.24%. Interest is calculated daily across both portions.

On the variable rate portion borrowers can make underpayments, overpayments, lump sum withdrawals and take payment holidays. The maximum loan to value is 90% on loans of up to £250,000, and there is an arrangement fee of £295. Redemption penalties on the fixed portion are charged at 5% of repayments until September 2003.

Introducing brokers can earn a procuration fee of 0.25%.

Contact: 0845 6010 763 or

visit www.sunbank.com

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Exclusive products from Exchange

By Ben Marquand The Exchange is set to launch a new range of mortgage services which will include ac...

Close