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Product round-up

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  • 26/03/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY-TO-LET

Bristol & West

Product: Buy-to-let mortgage

Description: Fixed to 4/2007.

Rate: 5.89%

Max LTV: 85%

Redemption penalty: 7% until 30/4/2003, 6% until 30/4/2005, 5% until 30/4/2007.

Arrangement fee: £399

Contact: 0117 943 7878

Clydesdale Bank

Product: Capped buy-to-let

Description: Capped for five years.

Rate: 6.75%

Max LTV: 80%

Redemption penalty: 5%, 5%, 4%, 3%, 2% over five years.

Procuration fee: By negotiation.

Arrangement fee: 1% minimum, £200.

Contact: 0800 419 000

Pink Home Loans

Product: Exclusive buy-to-let

Funded by: Mortgage Express

Description: Fixed to 3/3/2002.

Rate: 2.99%

Max LTV: 80%

Redemption penalty: Six months’ interest at underlying variable rate until 3/3/2005.

Procuration fee: 0.5%

Arrangement fee: £325

Other: Underlying rate up to 75% LTV BBR + 1.5%, underlying rate up to 80% LTV BBR + 1.75%.

Contact: 08707 950 170

CAPPED

Portman BS

Product: Capped rate mortgage

Description: Two-year capped rate mortgage with discount.

Rate: Currently 4.19% with 1.46% discount ‘ capped at 5.19% until 1/5/2004.

Max LTV: 95%

Redemption penalty: 3% of capital repaid until 1/5/04. Option to repay 10% of the loan before 1/5/2004 without redemption penalty.

Procuration fee: 0.25%

Arrangement fee: £300

Contact: 01202 563 859

DISCOUNT

Genesis Home Loans

Product: Planet & Moons Mercury product

Funded by: Platform Home Loans

Description: Discount until 1/10/2003.

Rate: 6.12% including discount

Max LTV: 95%

Redemption penalty: 6%, 6%, 5%, 4% 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 in last 12 months, max £3,000, minimum loan £40,000, maximum £200,000.

Contact: 01832 275 044

Pink Home Loans

Product: Discounted rate mortgage

Funded by: The Mortgage Business

Description: 1% discount until 1/5/2002.

Rate: 5%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.5% maximum £2,500.

Arrangement fee: 1% advance for each property.

Other: Minimum loan £25,001, maximum £250,000, maximum 10 properties per portfolio to £2.5m.

Contact: 08707 950 170

Product: Planet & Moons Neptune product

Funded by: Platform Home Loans

Description: 1.50% discount until 1/4/2004.

Rate: Full status 6.37%, self-cert 6.87%.

Max LTV: 85%

Redemption penalty: 6%, 6%, 5%, 4% thereafter 1% of amount redeemed, or one month’s notice in lieu.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: CCJs maximum £7,000, two months’ mortgage arrears cleared by completion.

Contact: 01832 275 044

Royal Bank of Scotland

Product: Limited edition discount mortgage

Description: Discounted until 6/2003.

Rate: 3.45%

Max LTV: 95%

Redemption penalty: 3% until 2003, 2% until 2004.

Procuration fee: Sliding scale.

Arrangement fee: None

Other: Applications must be received by 1/6/2002.

Contact: 0131 556 8555

Skipton Building Society

Product: Discounted rate mortgage

Description: 2.30% discount year one, 1.15% discount year two, 0.5% discount years three and four.

Rate: 3.40%

Max LTV: 85%

Redemption penalty: 4% year one, 3% year two, 2% year three, 1% year four.

Procuration fee: £100

Arrangement fee: None

Other: Free MIG up to 90% LTV, flexible benefits, free legal fees for remortgages.

Contact: 0800 446 776

Product: Discounted rate mortgage

Description: 2.00% discount in year one, 1.00% discount in year two, 0.5% in years three and four.

Rate: 3.70%

Max LTV: 95%

Redemption penalty: 4% year one, 3% year two, 2% year three, 1% year four.

Procuration fee: £100

Arrangement fee: None

Other: Free MIG up to 90% LTV, flexible benefits, free legal fees for remortgages.

Contact: 0800 446 776

Product: Discounted rate mortgage

Description: 1.85% discount, year one, 0.85% discount in year two, 0.5% in years three and four.

Rate: 3.85%

Max LTV: 95%

Redemption penalty: 4% year one, 3% year two, 2% year three, 1% year four.

Procuration fee: £100

Arrangement fee: None

Other: Free MIG up to 90% LTV, flexible benefits, free legal fees for remortgages.

Contact: 0800 446 776

FIXED

Bristol & West

Product: Fixed rate mortgage

Description: Five-year fixed until 30/4/2007.

Rate: 5.49%

Max LTV: 95%

Redemption penalty: 7% until 30/4/2003, 6% until 30/4/2005, 5% until 30/4/2007.

Arrangement fee: £399

Contact: 0117 943 7878

Product: Fixed rate mortgage

Description: Seven-year fixed until 30/4/2009.

Rate: 5.49%

Max LTV: 95%

Redemption penalty: 7% until 30/4/2004, 6% until 30/4/2006, 5% until 30/4/2009.

Arrangement fee: £399

Contact: 0117 943 7878

Halifax

Product: Fixed rate mortgage

Description: Fixed until 30/6/2003.

Rate: 4.70%

Max LTV: 97%

Redemption penalty: 1% to 30/6/2003.

Procuration fee: Negotiable

Arrangement fee: £195

Other: After fixed rate 1.00% above BBR until 31/12/2005.

Contact: Local branch

Product: Fixed rate mortgage

Description: Fixed until 30/6/2004.

Rate: 5.9%

Max LTV: 75%

Redemption penalty: 2% to 30/6/2003, 1% to 30/6/2004.

Procuration fee: Negotiable

Arrangement fee: £195

Contact: Local branch

Portman Building Society

Product: Fixed rate mortgage

Description: Five-year fixed with no extended redemption penalty.

Rate: 5.65% until 1/5/2007.

Max LTV: 95%

Redemption penalty: 5% of capital repaid until 1/5/2007.

Procuration fee: 0.25%

Arrangement fee: £300

Contact: 01202 563 859

SELF CERTIFICATION

Pink Home Loans

Product: Self-certification discount mortgage

Funded by: Mortgage Express

Description: BBR + 2% for two years.

Rate: 4.45%

Max LTV: 90%

Redemption penalty: Six months at variable rate for two years.

Procuration fee: 0.5%

Arrangement fee: £325

Other: Available to self-employed and PAYE, no MIG, flexible payments.

Contact: 08707 950 170

Product: Self-certification discount mortgage

Funded by: The Mortgage Business

Description: BBR + 1% until 1/3/2003 followed by BBR + 1.49%.

Rate: 5.00%

Max LTV: 85%

Redemption penalty: Year one ‘ four months, year two ‘ three months, year three ‘ two months.

Procuration fee: 0.5%

Arrangement fee: £299

Other: Available to self-employed and employed, valuation fee refund, direct submission only.

Contact: 08707 950 170

Product: Fixed rate, self-certification mortgage

Funded by: Verso

Description: Fixed for three years.

Rate: 4.99%

Max LTV: 85%

Redemption penalty: 5% of amount repaid for five years from completion, one month’s notice, or interest thereafter.

Procuration fee: 0.45%

Arrangement fee: £325

Other: Minimum loan £25,001, maximum £500,000 up to 75% LTV, daily interest.

Contact: 08707 950 170

Wiping the slate with Mortgage Express

The latest innovation in the non-conforming market has come from Mortgage Express, with the launch of its ˜Clean Slate’ mortgage.

The product is aimed at customers who have overcome previous credit problems and is available to all customers who can provide a clean 12-month credit history.

Lending up to 90% of the property’s value, the product has no mortgage indemnity charge.

Pricing is linked to the Bank of England base rate and borrowers can choose flexible payments, allowing them to under or over-pay, take a payment holiday or borrow extra cash.

David Connolly, product manager at MortgageExpress, said: ‘This is the first time we have offered a mortgage aimed at customers who have had past problems with credit. It is designed to help people who have cleared their debts and want to start again ‘ that is why we have called it ˜Clean Slate’.’

The mortgage is available to clients who have experienced an unlimited number of CCJs up to a maximum value of £10,000. CCJs do not have to be satisfied, but no new ones should have been experienced in the last 12 months.

The standard rate is 2.25% above Bank of England base rate, and Mortgage Express is offering a five-year discount of 0.75%, or a five-year fixed rate at 6.49%. A two-year fixed rate product at 5.49% is also available.

Contact: 0500 0500 20

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