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Product round-up

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  • 14/03/2002
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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: Exclusive buy-to-let

Funded by: Mortgage Express

Description: Fixed until 3/3/2007.

Rate: 6.25%

Max LTV: 80%

Redemption penalty: Six months’ interest at fixed rate until 3/3/2007.

Procuration fee: Negotiable

Arrangement fee: £325

Other: Full status, flexible option available, minimum loan size £40,000.

Contact: 0870 330 1817

Mortgage Next

Product: Buy-to-let discount

Funded by: Verso

Description: 1.25% discount to 1/3/2006 or 1.75% discount to 1/3/2003, both from BBR + 1.98%.

Rate: 4.73% or 4.23%.

Max LTV: 85%

Redemption penalty: In discount period a fee of 5% of amount repaid.

Procuration fee: 0.25%, minimum £200.

Arrangement fee: 1%, minimum £500.

Other: No MIG, no redemption overhang.

Contact: 0845 130 2223

Product: Buy-to-let discount

Funded by: Mortgage Express

Description: 0.76% discount from BBR = 1.75% for 80% LTV (BBR + 1.5% to 75% LTV) for three or five years.

Rate: 4.99% to 80% LTV (4.74% to 75% LTV).

Max LTV: 80%

Redemption penalty: Six months’ interest at SVR during discount period.

Procuration fee: 0.5%

Arrangement fee: 0.5%

Other: Unlimited number of properties to a maximum of £1m.

Contact: 0845 130 2223

Pink Home Loans

Product: Buy-to-let tracker

Funded by: Birmingham Midshires

Description: BBR + 0.99% for three years, reverts to BBR + 1.75%.

Rate: 4.99%

Max LTV: 85%

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

Procuration fee: 0.5%, minimum £200 and maximum £5,000.

Arrangement fee: £299

Other: Daily interest, available through direct and packaged submission.

Contact: 08707 590 169 or

www.pink.uk.net

Product: Buy-to-let discount

Funded by: Legal & General Bank

Description: Stepped discount for three years, 1.25% discount in year one, 0.75% in year two, 0.5% in year three.

Rate: 4.49% year one.

Max LTV: 70%

Redemption penalty: 4% of original loan amount in year one, 3% in year two, 2% in year three. Only charged on full redemption.

Procuration fee: 0.25%

Arrangement fee: £195

Other: Cash back of £250 and refunded valuation fee.

Contact: L&G Bank on 08700

100 338 or www.pink.uk.net

DISCOUNT

Chelsea Building Society

Product: Three-year discount mortgage

Description: 1.5% discount on SVR for three years following completion.

Rate: 4.19%

Max LTV: 95%

Redemption penalty: 3% of all capital repaid in first three years unless replaced with lender’s own mortgage.

Procuration fee: Variable

Arrangement fee: None

Other: Free legal fees or a £200 contribution (direct business only).

Contact: 08702 404 808

Coventry Building Society

Product: Discount mortgage

Description: 2.1% discount off SVR to 31/5/2004.

Rate: 3.59%

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

Genesis Home Loans

Product: Planet & Moons ‘ Mars

Funded by: Platform Home Loans

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

Rate: 6.275% full status, 6.525% self cert.

Max LTV: 90%

Redemption penalty: 6% in first two years, 5% in the third, thereafter 1% of amount redeemed or one month’s notice in lieu.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: CCJs maximum £3,000, two months’ mortgage arrears, bankruptcy discharged one year.

Contact: 01832 275 044

Product: Planet & Moons ‘ Venus

Funded by: Platform Home Loans

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

Rate: 6.775%

Max LTV: 95% purchase, 90% remortgage.

Redemption penalty: 6% in first two years, 5% in the third, thereafter 1% of amount redeemed or one month’s notice in lieu.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: Full status, no CCJs or defaults in last six months, maximum £3,000, one month’s arrears cleared by application, bankruptcy discharged one year.

Contact: 01832 275 044

Product: Planet & Moons ‘ Mercury

Funded by: Platform Home Loans

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

Rate: 6.275%

Max LTV: 95% purchase, 90% remortgage.

Redemption penalty: 6% in first two years, 5% in the third, thereafter 1% of amount redeemed or one month’s notice in lieu.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: Full status,

no CCJs or defaults in last 12 months, maximum £3,000, one month’s arrears cleared by application, bankruptcy discharged one year.

Contact: 01832 275 044

Mortgage 2000

Product: Mortgage 2000 m-club Staffordshire

Funded by: Staffordshire BS

Description: Three-year discount.

Rate: 4.25%

Max LTV: 95%

Redemption penalty: 3% of outstanding loan in year one, 2% in year two, 1% in year three.

Procuration fee: 0.3% minimum £225.

Arrangement fee: £195

Other: £300 cash back, no compulsory insurance, valuations paid, six months’ free ASU.

Contact: 0845 345 5700

Pink Home Loans

Product: Discount mortgage

Funded by: Bristol & West

Description: 3.24% discount for two years.

Rate: 2.51%

Max LTV: 95%

Redemption penalty: 5% of amount repaid in first two years.

Procuration fee: 0.35%, minimum £150.

Arrangement fee: £299

Other: Available through direct and packaged submission.

Contact: 08707 590169 or

www.pink.uk.net

FIXED

Chelsea Building Society

Product: Two-year fixed rate

Description: Fixed until 1/6/2004.

Rate: 4.69%

Max LTV: 95%

Redemption penalty: 3% of all capital repaid before 1/6/2004 unless replaced with a new Chelsea mortgage.

Procuration fee: Variable

Arrangement fee: £295

Other: Free legal fees or a £200 contribution (direct business only).

Contact: 08702 404 808

Product: Three-year fixed rate mortgage

Description: Fixed until 1/6/2005.

Rate: 4.99%

Max LTV: 95%

Redemption penalty: 3% of all capital repaid before 1/6/2005 unless replaced with a new Chelsea mortgage.

Procuration fee: Variable

Arrangement fee: £295

Other: Free legal fees or a £200 contribution (direct business only).

Contact: 08702 404 808

Coventry Building Society

Product: Flexx fixed mortgage

Description: Fixed to 31/5/2004.

Rate: 5.25%

Max LTV: 95%

Redemption penalty: No early redemption penalty.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Daily interest, free remortgage transfer service, free valuation.

Contact: 0845 766 5522

Product: Fixed remortgage

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 remortgages transfer service, free valuation.

Contact: www.remortgages.co.uk

SELF CERTIFICATION

Exclusive Connections

Product: Self-certification discount mortgage

Funded by: Verso

Description: BBR + 0.99% for four years with a 1% discount in year one, BBR + 1.98% for remaining term.

Rate: 3.99%

Max LTV: 85%

Redemption penalty: 5% of amount repaid in the first four years, one month’s interest or notice in lieu thereafter.

Procuration fee: Negotiable

Arrangement fee: £325

Other: Verbal reference from accountant or employer, clear credit search and existing lender’s reference, MIG 70%-85% LTV at 6.96%.

Contact: 0870 330 1817

Mortgage 2000

Product: Mortgage 2000 Mortgage Express self cert

Funded by: Mortgage Express

Description: Fixed until 3/3/2007.

Rate: 5.99%

Max LTV: 80%

Redemption penalty: Six months’ gross interest at base for scheme period.

Procuration fee: 0.5%

Arrangement fee: £325

Other: No compulsory insurance and free indemnity.

Contact: 0845 345 570

New non-conforming deals from PHL

Platform Home Loans has launched two new products, an 18-month and a two-year discount mortgage.

The two-year product offers a 1.5% discount until 1/4/2004 and the 18-month deal offers a 1.75% discount until 1/10/2003. The two-year offer is thought to be the only one in the non-conforming sector. Both offer an LTV up to 95%.

Guy Batchelor, Platform Home Loans’ sales and marketing director, said: ‘We are concentrating on discount products following feedback from our intermediaries that their clients preferred these options, plus we have seen the cost of short-term fixed rate funding increase since the new year. The main benefit of these products will be that intermediaries can now give their clients the same breadth of choice as if they were recommending a high street lender’s products.’

The mortgages are available as full status, self-cert, purchase and remortgage. Redemption penalties are 6% in the first two years, 5% in the third year and 4% in the fourth year.

Contact: 0845 600 7100

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