BUY-TO-LET
Exclusive Connections
Product: Buy-to-let fixed rate mortgage
Funded by: Bristol & West
Description: Fixed for five years.
Rate: 6.29%.
Max LTV: 85%
Redemption penalty: 7% of sum repaid in year one, 6% of sum repaid in years two and three, 5% of sum repaid in years four and five.
Procuration fee: Negotiable
Arrangement fee: £399
Other: No adverse allowed, no MIG, no redemption overhang, no FTBs.
Contact: 0870 330 1817
Product: Buy-to-let fixed rate mortgage
Funded by: Mortgage Express
Description: Fixed until 3/3/2005.
Rate: 6.49%.
Max LTV: 80%
Redemption penalty: Six months’ interest at the fixed rate until 3/3/2005.
Procuration fee: Negotiable
Arrangement fee: £325
Other: Full status, flexible options available, purchase and remortgage.
Contact: 0870 330 1817
Product: Exclusive buy-to-let
Funded by: Mortgage Express
Description: Fixed until 3/3/2003, reverts to BBR+1.5% up to 75% LTV or BBR+1.75 up to 80% LTV.
Rate: 3.25%.
Max LTV: 80%
Redemption penalty: Six months’ interest at SVR until 3/3/2005.
Procuration fee: Negotiable
Arrangement fee: 1% of advance.
Other: Flexible options, full status only.
Contact: 0870 330 1817
Genesis Home Loans
Product: Genesis Prospector buy-to-let fixed mortgage
Funded by: GMAC-RFC
Description: Fixed until 1/3/2004.
Rate: 5.45% to 75% LTV, 5.85% to 85% LTV.
Max LTV: 85%
Redemption penalty: 5% during fixed rate terms.
Procuration fee: Refer to packager.
Arrangement fee: £395
Other: One CCJ or default accepted, max £300, with cert of satisfaction.
Contact: 01832 275 044
Leeds & Holbeck BS
Product: Buy-to-let fixed rate mortgage
Description: Fixed until 1/4/2007.
Rate: 5.85%.
Max LTV: 80%
Redemption penalty: Six months’ interest at SVR for first three years then three months’ interest for the remainder of the fixed period.
Procuration fee: £125
Arrangement fee: £399
Other: 10% capital repayment allowed each year.
Contact: 0113 225 7866
SPML
Product: Buy-to-let scheme one
Description: Buy-to-let adverse risk mortgage.
Rate: Libor plus 3.45%.
Max LTV: 80%
Redemption penalty: 6% in year one, 5% in year two, 4% in year three and 1% thereafter.
Procuration fee: Negotiable
Arrangement fee: £395
Other: £2,000 of CCJs allowed, bankrupts must be discharged three years ago, limit to lower of six properties or £1m.
Contact: 020 7590 1500
Product: Buy-to-let scheme two
Description: Buy-to-let adverse risk mortgage.
Rate: Libor plus 3.25%.
Max LTV: 75%
Redemption penalty: 6% in year one, 5% in year two, 4% in year three and 1% thereafter.
Procuration fee: Negotiable
Arrangement fee: £395
Other: £5,000 of CCJs allowed, bankrupts must be discharged one year ago, limit to lower of six properties or £1m.
Contact: 020 7590 1500
Product: Buy-to-let scheme three
Description: Buy-to-let adverse risk mortgage.
Rate: Libor plus 4.25%.
Max LTV: 65%
Redemption penalty: Penalty ‘ 6% year one, 5% year two, 4% year three and 1% thereafter.
Procuration fee: £395
Arrangement fee: Negotiable
Other: No limit on CCJs or arrears, bankrupts must be only discharged, limit to lower of six properties or £1m.
Contact: 020 7590 1500
DISCOUNT
Exclusive Connections
Product: Self-cert discount mortgage
Funded by: Mortgage Express
Description: 1.25% discount for two years.
Rate: 4.75%.
Max LTV: 90% mortgage, 80% remortgage.
Redemption penalty: Six months’ interest at SVR for the first two years.
Procuration fee: Negotiable
Arrangement fee: £325
Other: No MIG, flexible payment options.
Contact: 0870 331 817
Product: Self-cert mortgage with discount
Funded by: The Mortgage Business
Description: BBR +0.49% until 1/2/2003 reverting to BBR +1.49% for the remainder of the term.
Rate: 4.49%.
Max LTV: 85%
Redemption penalty: Four, three and two months’ gross interest in the first three years respectively. One month’s interest or notice thereafter.
Procuration fee: Negotiable
Arrangement fee: £299
Other: £400 cash back, up to three CCJs/defaults total max £1,000 allowed with certificate of satisfaction, not applicable to FTBs.
Contact: 0870 330 1817
Genesis Home Loans
Product: Planet & Moons Ganymede discount mortgage
Funded by: Platform Home Loans
Description: 1.6% discount until 1/6/2003 self-cert.
Rate: 7.25%.
Max LTV: 80%
Redemption penalty: 6%, 6% and 5% in years one, two and three, one month’s interest, or one month’s notice thereafter.
Procuration fee: Refer to packager.
Arrangement fee: £395
Other: Unlimited CCJs, Bankruptcy discharged, no reference required for rent or mortgage repayments, employed and self-employed.
Contact: 01832 275 044
Product: Genesis Pathfinder Self-Cert Discount mortgage
Funded by: GMAC-RFC
Description: 1.5%, 0.75%, 0.25% at 75%, 85% and 90% LTV respectively, until 1/3/2003.
Rate: Discounts apply to SVR of 5.74%.
Max LTV: 90%
Redemption penalty: 3% in year one and 2% in year two, up to 25% annual free redemption.
Procuration fee: Refer to packager.
Arrangement fee: £395
Other: No income details required on form. One CCJ or default of less than £300, must be satisfied and have explanation letter, maximum one month’s arrears in last 12 months.
Contact: 01832 275 044
Leeds & Holbeck BS
Product: Discount mortgage
Description: 3% discount for two years, reverts to SVR with guarantee that the rate will not exceed SVR+2% in first five years.
Rate: 2.75%.
Max LTV: 95%
Redemption penalty: Four, six, five, four and three months’ interest in the first five years.
Procuration fee: £125
Arrangement fee: None
Other: Six months’ free MPPI, no higher lending fee up to 90%.
Contact: 0113 225 7866
Product: Cash back mortgage with discount
Description: 0.5% discount for three years, 2.5% cash back up to 80% LTV or 2% cash back up to 90% LTV.
Rate: 5.25%.
Max LTV: 90%
Redemption penalty: Five months’ interest at SVR in the first year, four months’ interest in the second year and three months’ interest in the third year.
Procuration fee: £125
Arrangement fee: None
Other: No higher lending fee, free valuation.
Contact: 0113 225 7866
Pink Home Loans
Product: Discount mortgage
Funded by: Leeds & Holbeck BS
Description: 1.8% discount for two years.
Rate: 3.95%.
Max LTV: 95%
Redemption penalty: Six months’ interest at SVR for two years.
Procuration fee: 0.25%, minimum £150.
Other: Free legal fees for remortgages and valuation fee contribution up to £250.
Contact: L&H 0113 225 7889
or www.pink.uk.net
FIXED
Exclusive Connections
Product: 100+ Fixed rate mortgage
Funded by: Mortgage Express
Description: Fixed until 3/3/2004, reverts to BBR+2%.
Rate: 4.99%.
Max LTV: 105% (102% for first-time buyers).
Redemption penalty: Six months’ interest at SVR until 3/3/2005.
Procuration fee: Negotiable
Arrangement fee: £325
Other: No MIG, must have been employed for three years continuously, life cover required.
Contact: 0870 330 1817
Product: Fixed rate mortgage
Funded by: Bristol & West CMS
Description: Fixed for five years, reverts to BBR+1% for remainder of term.
Rate: 5.95%.
Max LTV: 95%
Redemption penalty: 7% of sum repaid in year one, 6% of sum repaid in years two and three, 5% of sum repaid in years four and five.
Procuration fee: Negotiable
Arrangement fee: None
Other: No MIG, up to three months’ arrears within the last three years, one CCJ up to £250. No arrears or CCJs for first-time buyers.
Contact: 0870 330 1817
Genesis Home Loans
Product: Genesis Challenger self-cert fixed rate mortgage
Funded by: GMAC-RFC
Description: Fixed until 1/3/2004.
Rate: 5.45% to 75% LTV, 5.85% to 85% LTV.
Max LTV: 85%
Redemption penalty: 5% during fixed rate only.
Procuration fee: Refer to packager.
Arrangement fee: £395
Other: No MIG, one default or CCJ of less than £300 considered with cert of satisfaction, max one months arrears in last 12 months.
Contact: 01832 275 044
SPML
Product: Fixed rate mortgage scheme one
Description: Sub-prime fixed rate until 1/3/2003.
Rate: 6.99%.
Max LTV: 90%
Redemption penalty: 7% in year one, 6% in year two, 5% in year three and 1% or one month’s notice thereafter.
Procuration fee: Negotiable
Arrangement fee: £395
Other: Two arrears in last 12 months, CCJs to £5,000, bankrupts discharged one year ago.
Contact: 020 7590 1500
Product: Fixed rate mortgage scheme seven
Description: Sub-prime fixed rate until 1/3/2003.
Rate: 6.99%.
Max LTV: 80%
Redemption penalty: 7% in year one, 6% in year two, 5% in year three and 1% or one month’s notice thereafter.
Procuration fee: Negotiable
Arrangement fee: £395
Other: No limit on arrears or CCJs, bankrupts must be discharged only.
Contact: 020 7590 1500
Product Update
Bristol & West
Bristol & West has changed its buy-to-let lending criteria, making it easier to arrange borrowing. The company still requires a buy-to-let borrower to earn rental income at a rate of 125% of the amount they will pay out on their mortgage but the assumed mortgage rate has been dropped from 9% to 7.75%. This makes Bristol & West’s criteria some of the most competitive in the market.
1.5% discount across Platform range
Platform Home Loans (PHL) has launched a new discounted rate product, with a discount of 1.5%, that applies to the whole range of PHL loans, including standard, light adverse, self cert, fast-track and right to buy. The rate applies until 1 June 2003. The lowest payable interest rate is 5.375% on the light adverse range, rising to 6.375% on the right to buy range.
All mortgages have also been converted to calculating interest daily. LTV ratios are up to 95% and early redemption fees are set at 6% in the first year, 6% in the second year and 5% in the third year.
Guy Batchelor, sales and marketing director at Platform Home Loans, said: ‘We are delighted to be able to introduce this new rate ‘ our best offer ever. Platform is now offering one of the lowest and longest discounts in the non-conforming lending sector. With our lowest rate at 5.375% this is cheaper than many standard variable rates offered by high street lenders.’
