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Product round-up

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  • 15/02/2002
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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 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.’

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