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Product round-up

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  • 04/12/2001
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

Discount

Exclusive Connections

Product: 100%+ discounted rate

Funded by: Mortgage Express

Description: 1% discount for two years.

Rate: 5%

Max LTV: 105% (102% for first time buyers).

Redemption penalty: Three months’ interest at variable rate for three years.

Procuration fee: Negotiable

Arrangement fee: £325

Other: Life cover required, must be employed for three years.

Contact: 0870 330 1817

Genesis Home Loans

Product: Planet and Moons Earth Discount

Funded by: Platform Home Loans

Description: 1.5% discount until 1/1/2003.

Rate: 7.25%.

Max LTV: 85%

Redemption penalty: 6% in the first two years, 5% in the third year and 1% or one month’s notice thereafter.

Procuration fee: 1.5%, min £650, max £7,500.

Arrangement fee: £395

Other: Remortgage only, full status, arrears of three payments missed in last 12, maximum one in the last six months or none in the last three, CCJs maximum £3,000, bankruptcy satisfied.

Contact: 01832 275 044

Product: Genesis Pioneer Discount

Funded by: GMAC RFC

Description: Discount to 1/1/2004.

Rate: 3.74% to 90% LTV, 3.99% 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 certification of satisfaction, a maximum of one month’s arrears in the last 12 months providing arrears are now up-to-date.

Contact: 01832 275 044

Legal & General Bank

Product: Discount mortgage

Description: Two-year discount of between 0.5% and 0.3%.

Rate: 4.35% to 75% LTV, 4.55% to 95% LTV.

Max LTV: 95%

Procuration fee: Negotiable

Other: Free legal fees on remortgage, £300 cashback on purchase.

Contact: 0500 666 555

Product: Flexible buy-to-let mortgage

Description: Buy-to-let with discount over first three years.

Rate: 4.74%, 4.99%, and 5.24% in years one, two, and three.

Max LTV: 80%

Redemption penalty: 3%, 2%, and 1% in years one, two and three.

Procuration fee: Negotiable

Arrangement fee: £150

Other: £400 cashback.

Contact: 0500 666 555

Fixed

Bristol & West

Product: Three-year fixed rate mortgage

Description: Fixed until 31/1/2005.

Rate: 4.89%.

Max LTV: 95%

Redemption penalty: 5% until 31/1/2005.

Procuration fee: Negotiable

Arrangement fee: £399

Contact: 0117 943 7755

Product: Five-year fixed rate

Description: Fixed until 31/1/2007.

Rate: 4.99%.

Max LTV: 95%

Redemption penalty: 7% until 31/1/2004 then 6% until 31/1/2007.

Arrangement fee: £399

Contact: 0117 943 7755

Product: Five-year fixed fee saver

Description: Fixed until 31/01/2007.

Rate: 5.65%.

Max LTV: 95%

Redemption penalty: 7% until 31/1/2003 then 6% until 31/1/2005, then 5% until 31/1/2007.

Procuration fee: Negotiable

Other: No MIG, valuation and legal fees free.

Contact: 0117 943 7755

Exclusive Connections

Product: Non-status fixed rate

Funded by: Mortgage Express

Description: Fixed until 3/12/2003.

Rate: 6.74%.

Max LTV: 75%

Redemption penalty: Three months’ interest at SVR until 3/12/2003.

Procuration fee: Negotiable

Arrangement fee: £325

Other: Minimum two years in existing business, life cover required.

Contact: 0870 330 1817

Genesis Home Loans

Product: Planet & Moons Earth Fixed

Funded by: Platform Home Loans

Description: Fixed until 1/1/2003.

Rate: 6.25% to 70% LTV, 6.74% to 80% LTV, 6.99% to 85% LTV.

Max LTV: 85%

Redemption penalty: 6% in the first two years, 5% in the third year and 1% or one month’s notice thereafter.

Procuration fee: 1.5%, minimum £650, maximum £7,500

Arrangement fee: £395

Other: Remortgage only, full status, arrears of three payments missed in last 12, maximum one in the last six months or none in the last three, CCJs maximum £3,000, bankruptcy satisfied.

Contact: 01832 275 044

NatWest Bank

Product: Fixed rate

Description: Two-years fixed.

Rate: 5.29% up to 75% LTV, 5.39% up to 95% LTV.

Max LTV: 95%

Redemption penalty: None

Procuration fee: 0.4%, minimum £250.

Arrangement fee: £295

Other: No legal or valuation fees.

Contact: 0800 400 999

Product: Fixed rate

Description: Five-year fixed rate mortgage.

Rate: 5.69%.

Max LTV: 95%

Redemption penalty: Balance of the mortgage times the difference between the NatWest money market rate and the rate paid on the mortgage, times the number of days left on that rate, all divided by 365.

Procuration fee: 0.4%, minimum £250.

Arrangement fee: £295

Other: No tie-ins beyond the fixed rate period. No legal valuation fees.

Contact: 0800 400 999

Self-certification

Exclusive Connections

Product: Exclusive self-certification

Funded by: The Mortgage Business

Description: 1.5% discount until 1/2/2003.

Rate: 4.84%.

Max LTV: 85%

Redemption penalty: Four months’ interest in year one, three months’ interest in year two, two months’ interest in year three, one month’s interest or notice in lieu thereafter.

Procuration fee: Negotiable

Arrangement fee: £299

Other: Self-employed minimum trading period two years, up to three CCJs of a maximum total £1,000 subject to explanation. No proof of income is required.

Contact: 0870 330 1817

Genesis Home Loans

Product: Planet & Moons Earth Discount self-cert

Funded by: Platform Home Loans

Description: Fixed until 1/1/2003.

Rate: 7.75%.

Max LTV: 85%

Redemption penalty: 6% in the first two years, 5% in the third year and 1% or one month’s notice thereafter.

Procuration fee: 1.5%, minimum £650, maximum £7,500.

Arrangement fee: £395

Other: Remortgage only, self-certification, arrears of three payments missed in last 12 months, maximum one in the last six or none in the last three, CCJs maximum £3,000, bankruptcy satisfied. Current standard pay rate is Libor plus 4.25%.

Contact: 01832 275 044

Product: Planet & Moons Earth Fixed self-cert

Funded by: Platform Home Loans

Description: Fixed until 1/1/2003.

Rate: 6.25% to 70% LTV, 6.74% to 80% LTV, 6.99% to 85% LTV.

Max LTV: 85%

Redemption penalty: 6% in the first two years, 5% in the third year and 1% or one month’s notice thereafter.

Procuration fee: 1.5%, minimum £650, maximum £7,500.

Arrangement fee: £395

Other: Remortgage only, self-certification, arrears of three payments missed in last 12 months, maximum one in the last six months or none in the last three, CCJs maximum £3,000, bankruptcy satisfied.

Contact: 01832 275 044

Mortgage 2000

Product: Fixed rate self-certification mortgage

Funded by: Verso

Description: Fixed until 01/01/04.

Rate: 3.99%, 4.49%, 4.99%, or 5.49% dependent on redemption terms

Max LTV: 95%

Redemption penalty: 5% of outstanding loan for benefit period, then 5% for either three years, two years, one year or no overhang, dependent on rate.

Procuration fee: 0.5%, minimum £350.

Arrangement fee: £395

Other: Reverts to Verso base rate, which tracks BOE.

Contact: 0845 3455 701

TRACKER

Exclusive Connections

Product: Shared exclusive base rate tracker.

Funded by: Bristol & West CMS

Description: BOE base rate + 0.7% for three years.

Rate: 4.7%.

Max LTV: 95%

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

Procuration fee: Negotiable

Arrangement fee: Nil

Other: Reverts to BOE base rate +1% for remainder of term, one CCJ or default up to £250.

Contact: 0870 330 1817

TMO launches ˜Lettings Discount’

The Mortgage Operation (TMO) has introduced a new range of mortgages called ˜Lettings Discounts’ for people investing in the property market.

Funded by Mortgage Express, the range has four rates to suit differing cash flow needs.

Borrowers can choose from 2.75% discount for one year, 1.4% for two years, 0.76% for three years, or 0.76% for five years. The range is available up to 80% LTV and has redemption terms of six months’ interest in the first three years for the one and two-year discounts, or six months’ interest in the discount period for the three and five-year discounts.

Stuart Johnson, TMO sales director, said: ‘The range of options on the lettings discounts means borrowers can opt for a large discount up-front or a longer term, more moderate discount. For example, if a borrower wants to further invest in a property in the first year, they might take up the 2.75% option, freeing extra cash for renovations. Those remortgaging might want a longer term discount. There is also flexibility, with the freedom to choose over and underpayments and payment holidays.’

Procuration fees are set at 0.5% and an arrangement fee of £325 is payable.

Contact: 020 7571 2414

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