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Product round-up

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  • 13/11/2001
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY-TO-LET

Exclusive Connections

Product: Buy-to-let

Funded by: Bristol & West CMS

Description: BBR + 0.7% for three years followed by BBR + 1.2% for two years, reverts to BBR +1.75%.

Rate: 5.2%.

Max LTV: 85%

Redemption penalty: 5% of sum repaid in years one and two, 4% in years three and four and 3% in year five, plus £100 administration fee.

Procuration fee: Negotiable

Arrangement fee: £299

Contact: 0870 330 1817

Genesis Home Loans

Product: Genesis Prospector buy-to-let fixed mortgage

Funded by: GMAC RFC

Description: Fixed to 1/1/2004.

Rate: 5.75% to 75% LTV, 6.15% to 85% LTV.

Max LTV: 85%

Redemption penalty: 5% during fixed rate period.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: One CCJ of less than £300, with explanation, or one month’s arrears in 12 months allowed.

Contact: 01832 275 044

Pink Home Loans

Product: Buy-to-let discount mortgage

Funded by: Mortgage Express

Description: Three or five-year discount.

Rate: 0.76% discount. Underlying rate is BBS + 1.5% up to 75% LTV, + 1.75% up to 80% LTV.

Max LTV: 80%

Redemption penalty: Six months’ interest at underlying variable rate.

Procuration fee: 0.5%

Arrangement fee: 0.5%

Other: Unlimited properties, maximum mortgage £1m.

Contact: 08707 590 170

DISCOUNT

Exclusive Connections

Product: Exclusive stepped discount

Funded by: Leeds & Holbeck Building Society

Description: 2.5% discount to standard variable rate year one, 0.75% discount years two and three, 0.5% discount year four.

Rate: 3.65%.

Max LTV: 95%

Redemption penalty: Six months’ interest in year one, five months’ in year two, four in year three, three in year four.

Procuration fee: Negotiable

Other: No compulsory insurance, no extended tie in, no MIG up to 90%.

Contact: 0870 330 1817

Genesis Home Loans

Product: Genesis Pioneer discount

Funded by: GMAC RFC

Description: Discounted until 1/1/2004.

Rate: 4.24% to 90% LTV, 4.49% to 95% LTV.

Max LTV: 95%

Redemption penalty: 5% redemption charge during the discount period.

Procuration fee: Refer to packager.

Arrangement fee: £295

Other: One CCJ of less than £300, with explanation, or one month’s arrears in 12 months allowed.

Contact: 01832 275 044

Product: Genesis Pathfinder self-cert discount

Funded by: GMAC RFC

Description: Discount to 1/1/2003.

Rate: 1.5% discount to 75% LTV, 0.75% to 85% LTV, 0.25% to 90% LTV.

Max LTV: 90%

Redemption penalty: 3% redemption charge year one, 2% in year two. Up to 25% free annual redemption.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: Self-cert, £250 cashback. One CCJ of less than £300, with explanation, or one month’s arrears in 12 months allowed.

Contact: 01832 275 044

Market Harborough BS

Product: Discount mortgage

Description: 2.5% discount for two years’ mortgage.

Rate: 3.74%.

Max LTV: 80%

Redemption penalty: 5% year one, 4% year two, 3% year three, 2% year four, 1% year five, then one month’s interest or one month’s notice.

Procuration fee: £150 above £30,000 plus £30 if building and contents included plus £75 if LTV is less than 75% or if loan is above £75,000.

Arrangement fee: None

Other: First three months’ free buildings and contents insurance. The valuation fee is refunded.

Contact: 01858 463 244

Mortgage Next

Product: Full status discount

Funded by: Mortgage Express

Description: 18-month discount with no redemption overhang.

Rate: 4.5%, 1.75% discount to 95% LTV.

Max LTV: 95%

Redemption penalty: Three months’ SVR during first 18 months.

Procuration fee: £150

Arrangement fee: £325

Other: No MIG, purchase or remortgage.

Contact: 0845 130 2223

FIXED RATE

Exclusive Connections

Product: Fixed rate

Funded by: Bristol & West CMS

Description: Fixed for one year followed by BBR +0.45% for two years.

Rate: 4.99%.

Max LTV: 95%

Redemption penalty: 5% of sum repaid in years one and two, 4% in year three.

Procuration fee: Negotiable

Arrangement fee: £299

Other: Three months’ arrears in the last three years allowed. Must be up-to-date at application. FTB with arrears not accepted. One CCJ up to £250 accepted.

Contact: 0870 330 1817

Genesis Home Loans

Product: Genesis Challenger self-cert fixed

Funded by: GMAC RFC

Description: Fixed to 1/1/2004.

Rate: 5.75% to 75% LTV, 6.15% to 85% LTV.

Max LTV: 85%

Redemption penalty: 5% during fixed rate period only.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: No MIG, one CCJ of less than £300 with explanation, or one month’s arrears in 12 months allowed.

Contact: 01832 275 044

Genesis Home Loans

Product: Genesis Pioneer fixed

Funded by: GMAC RFC

Description: Fixed to 1/1/2004.

Rate: 4.74% to 75% LTV, 4.94% to 95% LTV.

Max LTV: 95%

Procuration fee: Refer to packager.

Arrangement fee: £295

Other: One CCJ of less than £300, with explanation, or one month’s arrears in 12 months allowed.

Contact: 01832 275 044

Norwich and Peterborough BS

Product: Spanish fixed rate mortgage

Description: Fixed for two or five years.

Rate: 4.99% for two years, or 5.99% for five years.

Max LTV: 65%

Redemption penalty: Six months’ interest in the first five years.

Procuration fee: 0.25%, minimum £125, and maximum £1,000.

Arrangement fee: £125 on two-year mortgage, £225 on five-year mortgage.

Other: Up to 20 years’ repayment period, mortgage is in sterling.

Contact: 01733 372006

Product: Two-year fixed rate mortgage

Description: Rates according to LTV and a five-year redemption penalty period.

Rate: 3.23% to 90% LTV, 3.63% to 95% LTV.

Max LTV: 95%

Redemption penalty: Six months’ interest in first five years.

Procuration fee: 0.25%, £125 minimum, and £1,000 maximum.

Arrangement fee: £295

Contact: 0845 300 2522

Product: Three-year fixed rate

Description: Rates according to LTV and a five-year redemption penalty period.

Rate: 4.38% to 90% LTV, 4.78% to 95% LTV.

Max LTV: 95%

Redemption penalty: Six months’ interest in the first five years.

Procuration fee: 0.25%, £125 minimum, and £1,000 maximum.

Arrangement fee: £295

Contact: 0845 300 2522

TRACKER

Exclusive Connections

Product: Base rate tracker

Funded by: Bristol & West CMS

Description: Bank of England base rate + 0.49% for three years.

Rate: 4.99%.

Max LTV: 95%

Redemption penalty: 5% of sum repaid in years one and two, 4% in year three plus a £100 administration fee.

Procuration fee: Negotiable

Arrangement fee: £299

Other: Three months’ arrears in the last three years allowed. Must be up-to-date at application.

Contact: 0870 330 1817

Legal & General

Product: Self-certification tracker mortgage

Description: 0.5% above BBR for three years.

Rate: 5%.

Max LTV: 75%

Redemption penalty: 5% of the amount repaid in the first 24 months and 4% in the next 12 months.

Procuration fee: 0.5%

Other: Reverts to BBR plus 1.75%.

Contact: 0845 300 9977

Pink Home Loans

Product: Flexible tracker mortgage

Funded by: First National Mortgage Company

Description: BBR + 1.24%.

Rate: 5.74%.

Max LTV: 90%

Procuration fee: 0.3%, minimum £250, and maximum £750.

Arrangement fee: £295

Other: Three CCJs up to £3,000 in last three years considered, no arrears, no adverse credit in last 12 months.

Contact: 08707 590 170

HSHL caters for the credit impaired

High Street Home Loans (HSHL) has launched three new products to cater for people with historical minor adverse credit problems. The products are all two-year fixed rates and include buy-to-let and self-certification options.

The first, a straight fixed deal, offers interest at 4.49% until 1/1/2004, up to 75% LTV, and 4.69% up to 95% LTV. There is a 5% redemption charge in the fixed period. The same deal comes with no redemption penalties at 4.74% and 4.94% respectively. A procuration fee of 0.25% applies.

HSHL is also offering a two-year buy-to-let fixed rate, with a 0.5% procuration fee and a rate of 5.75% up to 75% LTV, or 6.15% up to 85% LTV. The rate will apply until 1/1/2004.

The third product is a two-year fixed self-certification mortgage with a rate of 5.75% up to 75% LTV and 6.15% for loans up to 85% LTV.

Gary Forrest, HSHL’s sales and marketing director, said: ‘I do not see why people who may have had some minor problems with their finances years ago should not benefit from a good rate of interest today. That we are able to offer such good headline rates is a clear sign this market has matured at a rapid rate in recent years.’

Contact: 0191 423 9220

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