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Product round-up

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  • 26/02/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY TO LET

Birmingham Midshires Solutions

Product: But-to-let five year fixed rate mortgage

Description: Fixed until 2/4/2007.

Rate: 6.19%

Max LTV: 85%

Redemption penalty: 5% to 2/4/2003, 4% to 2/4/2005, 3% to 2/4/2006, 2% to 2/4/2007.

Procuration fee: Negotiable

Arrangement fee: £299

Other: No MIG, daily interest.

Contact: 0800 587 2211

Product: Buy-to-let discount mortgage

Description: 0.76% discount for three years.

Rate: 5.19%

Max LTV: 85%

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

Procuration fee: Negotiable

Arrangement fee: £299

Other: No MIG, daily interest.

Contact: 0800 587 2211

Exclusive Connections

Product: Buy-to-let fixed rate

Funded by: Mortgage Express

Description: Fixed until 3/3/2005 then bank base rate + 1.5% up to 75% LTV or + 1.75% up to 80% LTV.

Rate: 6.49%

Max LTV: 80%

Redemption penalty: Six months’ interest at SVR until 3/3/2005.

Procuration fee: Negotiable

Arrangement fee: None

Other: Free legal fees, full status only, refund of valuation fee.

Contact: 0870 330 1817

Mortgage 2000

Product: Buy-to-let fixed

Funded by: Bristol & West

Description: Fixed for three years.

Rate: 5.75%

Max LTV: 85% to £250k, above £250k negotiable.

Redemption penalty: 5% of outstanding loan plus £100 in first three years. 4% of outstanding loan plus £100 in next two years.

Procuration fee: 0.35% minimum £150.

Arrangement fee: £399

Other: No compulsory insurance, free indemnity.

Contact: 0845 345 5700

DISCOUNT

Coventry Building Society

Product: Discount mortgage

Description: 2.3% discount off SVR to 31/5/2004.

Rate: 3.45%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/5/2004.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Discounted legal fees for remortgages.

Contact: 0845 766 5522

Genesis Home Loans

Product: Planet & Moons Saturn Product

Funded by: Platform Home Loans

Description: 1.6% discount until 1/6/2003.

Rate: Full status 5.775%, self- certification 6.275%.

Max LTV: Purchase 85%, remortgage 80%.

Redemption penalty: 6% in years one and two and 5% in year three, thereafter 1% of amount redeemed or one month’s notice.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: CCJs maximum £5,000. Four months’ arrears cleared by application, bankruptcy discharged.

Contact: 01832 275 044

Pink Home Loans

Product: Discount mortgage

Funded by: Leeds & Holbeck Building Society

Description: 1.8% discount for two years.

Rate: 3.95%

Max LTV: 80%

Redemption penalty: Six months’ interest at SVR for two years.

Procuration fee: 0.3% minimum £150.

Arrangement fee: None

Other: Free legals for remortgages and valuation fee contribution up to £250.

Contact: L&H on 0113 225 7889

or www.pink.uk.net

FIXED

Coventry Building Society

Product: Fixed rate mortgage

Description: Fixed to 31/5/2007.

Rate: 5.69%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/5/2007.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Free remortgage transfer service.

Contact: 0845 766 5522

Product: Fixed rate mortgage

Description: Fixed to 31/5/2004.

Rate: 4.99%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/5/2004.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Free remortgage transfer service.

Contact: 0845 766 5522

Northern Rock

Product: One-year flexible fixed rate mortgage

Description: Fixed until 1/4/2003.

Rate: 3.99% to 75% LTV, 4.29% to 90% LTV, 4.39% to 95% LTV.

Max LTV: 95%

Redemption penalty: 2% of original loan payable on full redemption of the loan in the incentive period.

Procuration fee: Negotiable

Arrangement fee: £395

Other: No MIG, six months’ free MPPI, remortgage borrowers can opt for £1,000 cash back.

Contact: 0845 60 50 500

Product: Seven-year flexible fixed rate mortgage

Description: Fixed until 1/4/2009.

Rate: 5.59% to 75% LTV, 5.69% to 90% LTV, 5.89% to 95% LTV.

Max LTV: 95%

Redemption penalty: 2% of original loan payable on full redemption of the loan in the incentive period.

Procuration fee: Negotiable

Arrangement fee: £395

Other: No MIG, six months’ free MPPI. Remortgage borrowers can opt for a £1,000 cash back.

Contact: 0845 60 50 500

SELF CERTIFICATION

Birmingham Midshires Solutions

Product: Self-cert five-year fixed mortgage

Description: Fixed until 2/4/2007.

Rate: 5.85%

Max LTV: 85%

Redemption penalty: 5% to 2/4/2003, 4% to 2/4/2005, 3% to 2/4/2006, 2% to 2/4/2007.

Procuration fee: Negotiable

Arrangement fee: £299

Other: No MIG, daily interest.

Contact: 0800 587 2211

Exclusive Connections

Product: Exclusive self-cert

Funded by: The Mortgage Business

Description: BBR +1.3% until 1/4/2003 then reverts to BBR + 1% for the remainder of the term.

Rate: 5.3%

Max LTV: 85%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £299

Other: Up to three CCJs maximum value £1,000 subject to explanation and with certificate of satisfaction. Not applicable to FTBs, flexible options, refund of valuation fee.

Contact: 0870 330 1817

Genesis Home Loans

Product: Planet & Moons Earth self-cert discount

Funded by: Platform Home Loans

Description: 1.6% discount until 1/6/2003 on Libor + 4.25%, remortgage only.

Rate: 6.775%

Max LTV: 85%

Redemption penalty: 6% in the first and second year, 5% in the third then one month’s notice , or 1% of amount redeemed.

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

Arrangement fee: £395

Other: Arrears three payments missed in last 12 months, maximum one in last six, bankruptcy satisfied, CCJs maximum £3,000.

Contact: 01832 275 044

TRACKER

Exclusive Connections

Product: Base rate tracker mortgage

Funded by: Bristol & West CMS

Description: BBR + 0.49% until 30/4/2005, then reverts to BBR + 1%.

Rate: 4.49%

Max LTV: 95%

Redemption penalty: 5% of sum repaid until 30/4/2004, 4% of sum repaid until 30/4/2005, plus a £100 fee.

Procuration fee: Negotiable

Arrangement fee: £299

Other: Up to three months’ arrears within last three years, no arrears for FTBs.

Contact: 0870 330 1817

Mortgage 2000

Product: Self-cert cash back tracker mortgage

Funded by: The Mortgage Business

Description: Base rate tracked to 1/5/2003 or to term, £400 cash back.

Rate: 5% to 1/5/2003 or 5.49% to term.

Max LTV: 80%

Redemption penalty: Four, three and two months’ interest in first three years respectively, one month’s notice or interest thereafter.

Procuration fee: 0.5%

Arrangement fee: £299

Other: No compulsory insurance.

Contact: 0845 345 5700

Product: First time buyer self-cert tracker mortgage

Funded by: The Mortgage Business

Description: Base rate tracked to 1/5/2003 or to term.

Rate: 5% to 1/5/2003 or 5.49% to term.

Max LTV: 80%

Redemption penalty: Four, three and two months’ interest in first three years respectively, one month’s notice or interest thereafter.

Procuration fee: 0.5%

Arrangement fee: £299

Other: No compulsory insurance.

Contact: 0845 345 5700

Pink HL updates Chameleon range

Pink Home Loans has overhauled the features of its Chameleon range of mortgages, funded by Mortgages plc. The bank base rate tracker mortgage is now offering discounted rates until June 2003.

The mortgage, for those with adverse credit history, is tiered by loan to value. It ranges from 5.75% (BBR + 2.75% with 1% discount) for up to 60% LTV, to 6.75% (BBR + 5.75% with 3% discount) up to 85%. Other benefits are unlimited adverse credit to 85% LTV, unlimited arrears to 80% LTV and a self-certification option.

David Copland, sales and marketing director at Pink, said: ‘The Chameleon is now even more attractive for borrowers with adverse credit problems. The additional feature of a discounted rate means it is more competitive but retains its transparency and ease of use for the borrower.’

The mortgage carries an arrangement fee of £395, and a procuration fee of 1%, with a minimum of £500 and maximum of £5,000. Redemption penalties on the product are 6% of the amount outstanding for three years from completion.

Contact: 08707 590 136

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