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Product round-up

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  • 08/05/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUT-TO-LET

Genesis Home Loans

Product: Genesis Prospector buy-to-let fixed mortgage

Funded by: GMAC RFC

Description: Fixed until 1/6/2004.

Rate: 5.99% to 75% LTV, 6.39% to 85% LTV.

Max LTV: 85%

Redemption penalty: 5% during the fixed rate period only.

Procuration fee: Refer to packager.

Arrangement fee: £395 added to advance.

Other: Income must be 130% of mortgage payment.

Contact: 01832 275 044

GMAC RFC

Product: Buy-to-let fixed mortgage

Description: Fixed until 1/6/2004.

Rate: 5.99% to 75% LTV, 6.39% to 85% LTV.

Max LTV: 85%

Redemption penalty: 5% of the sum repaid until 1/6/2004 on full or partial redemption.

Procuration fee: 0.5%

Arrangement fee: £395

Other: No MIG, unlimited properties to £1m, purchase or remortgage.

Contact: 01344 477 477

CAPPED

Coventry Building Society

Product: Five-year Flexx capped rate mortgage

Description: Capped at 5.99% to 31/7/2007.

Rate: 5.49 %

Max LTV: 95%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £295

Other: Free remortgage transfer service, free valuation, daily interest.

Contact: 0845 766 5522

DISCOUNT

Coventry Building Society

Product: Two-year discount rate remortgage

Description: 1.86% discount to 31/5/2004.

Rate: 3.89%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/7/2007.

Procuration fee: Negotiable

Arrangement fee: £145

Other: Free remortgage transfer service, free valuation.

Contact: www.remortgages.co.uk

Product: Five-year discount mortgage

Description: 1.45% off SVR to 31/7/2007.

Rate: 4.3%

Max LTV: 95%

Redemption penalty: Three months’ interest to 31/7/2007.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Discounted legal fees if nominated solicitor is used.

Contact: 0845 766 5522

Product: Two-year discount

Description: 1.86% off SVR to 31/7/2004.

Rate: 3.89%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/7/2004.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Free remortgage transfer, free valuation.

Contact: 0845 766 5522

Product: Three-year discount mortgage

Description: 1.55% off SVR to 31/7/2005.

Rate: 4.2%

Max LTV: 95%

Redemption penalty: Three months’ interest to 31/7/2005.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Free remortgage transfer, free valuation.

Contact: 0845 766 5522

Exclusive Connections

Product: Exclusive flexible discount mortgage

Funded by: Mortgage Express

Description: 0.49% discount for two years from BBR + 0.99% up to 95% LTV or BBR + 0.79% up to 75% LTV.

Rate: 4.3% up to 75% LTV, 4.5% up to 95% LTV.

Max LTV: 95%

Redemption penalty: Nil

Procuration fee: Negotiable

Arrangement fee: £325

Other: No MIG, purchase and remortgage.

Contact: 0870 330 1817

First National Mortgage Company

Product: Fresh Start 85% discount mortgage

Description: Adverse credit 2% discount until August 2003.

Rate: 6.24%

Max LTV: 85%

Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 1% or one month’s notice.

Procuration fee: Refer to lender

Arrangement fee: £145 to £450 dependent on loan.

Other: 12 consecutive payments on time drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.

Contact: 020 8909 8000

Product: Fresh Start 90% discount mortgage

Description: Adverse credit 1.75% discount until August 2003.

Rate: 6.74%

Max LTV: 90%

Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 1% or one month’s notice.

Procuration fee: Refer to lender

Arrangement fee: £145 to £450 dependent on loan.

Other: 12 consecutive on time payments drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.

Contact: 020 8909 8000

Product: Fresh Start 95% discount mortgage

Description: Adverse credit 1.5% discount until August 2003.

Rate: 7.24%

Max LTV: 95%

Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 1% or one month’s notice.

Procuration fee: Refer to lender

Arrangement fee: £145 to £450 dependent on loan.

Other: 12 consecutive payments on time drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.

Contact: 020 8909 8000

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 for two years, 4% for two years, then 1% for one year plus administration fee (currently £100).

Procuration fee: 0.25% (minimum £100).

Arrangement fee: £299

Other: First-time buyers accepted, applicants who earn over £20,000 and who have paid all credit commitments on time qualify for four times principle salary plus the second.

Contact: www.pink.uk.net

FIXED

Coventry Building Society

Product: Five-year fixed rate mortgage

Description: Fixed to 31/7/2007.

Rate: 5.85%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/7/2007.

Procuration fee: Negotiable

Other: Free remortgage transfer service.

Contact: 0845 766 5522

Product: Two-year fixed rate mortgage

Description: Fixed to 31/5/2004.

Rate: 4.99%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/7/2007.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Free remortgage transfer service.

Contact: 0845 766 5522

First National Mortgage Company

Product: Fresh Start 85% fixed rate mortgage

Description: Adverse credit fixed until August 2003.

Rate: 6.74%

Max LTV: 85%

Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 1% or one month’s notice.

Procuration fee: Refer to lender

Arrangement fee: £145 to £450 dependent on loan.

Other: 12 consecutive on time payments drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.

Contact: 020 8909 8000

Product: Fresh Start 90% fixed rate mortgage

Description: Adverse credit fixed until August 2003.

Rate: 6.99%

Max LTV: 90%

Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 15 or one month’s notice.

Procuration fee: Refer to lender.

Arrangement fee: £145 to £450 dependent on loan.

Other: 12 consecutive payments on time drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.

Contact: 020 8909 8000

Product: Fresh Start 95% fixed rate mortgage

Description: Adverse credit fixed until August 2003.

Rate: 7.24%

Max LTV: 95%

Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 1% or one month’s notice.

Procuration fee: Refer to lender.

Arrangement fee: £145 to £450 dependent on loan.

Other: 12 consecutive on time payments drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.

Contact: 020 8909 8000

Market Harborough BS

Product: Fixed rate

Description: Fixed for two years then 1% discount for three years.

Rate: 3.99%

Max LTV: 80%

Redemption penalty: Six months’ interest at SVR during the first five years. After this one month’s interest or one month’s notice without penalty providing they do not exceed the 10% of the balance.

Procuration fee: £300 plus £75 if the LTV is less than 75% and the loan is more than £75,000.

Arrangement fee: £295

Other: Flexible, three months’ free buildings and contents insurance.

Contact: 01858 463 244

Product: Fixed rate flexible mortgage

Description: Fixed for two years

Rate: 2.99%

Max LTV: 80%

Redemption penalty: Six months’ interest at SVR during fixed rate period and for the first three years after the period expires. After this one month’s interest or one month’s notice without penalty, providing they do not exceed 10% of the balance.

Procuration fee: £300 plus £75 if the LTV is less than 75% and the loan is more than £75,000.

Arrangement fee: £295

Other: Flexible, three months’ free buildings and contents insurance.

Contact: 01858 463 244

Pink Home Loans

Product: Fixed rate mortgage

Funded by: Bristol & West

Description: Fixed for two years.

Rate: 3.99%

Max LTV: 95%

Redemption penalty: 5% of amount repaid for two years, 4% for two years, then 3% for one year plus administration fee.

Procuration fee: £500

Arrangement fee: £399

Other: First-time buyers accepted, underlying rate is bank base rate plus 1.75%.

Contact: www.pink.uk.net

Skipton Building Society

Product: Fixed rate mortgage

Description: Fixed for two years following completion followed by 0.3% discount in years three and four and 0.5% discount from year five onwards.

Rate: 5.19%

Max LTV: 90%

Redemption penalty: 1% for three years, up to 10% repayment allowed without charge.

Procuration fee: Minimum £100.

Arrangement fee: £250

Other: No MIG, fixed legal fees, flexible options.

Contact: 0870 241 2182

SELF-CERT

Genesis Home Loans

Product: Genesis challenger self-cert fixed

Funded by: GMAC RFC

Description: Fixed until 1/6/2004.

Rate: 5.89% to 75% LTV, 6.29% to 85% LTV.

Max LTV: 85%

Redemption penalty: 5% during fixed rate period only.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: No MIG, one CCJ less than £300 which must be satisfied, one month’s arrears in the last 12 ‘ which must be up to date.

Contact: 01832 275 044

GMAC RFC

Product: Self-cert fixed rate mortgage

Description: Fixed until 1/6/2004.

Rate: 5.89% to 75% LTV, 6.29% to 85% LTV.

Max LTV: 85%

Redemption penalty: 5% of the sum repaid until 1/6/2004 on full or partial redemption.

Procuration fee: 0.5%

Arrangement fee: £395

Other: No MIG, normally no paper references.

Contact: 01344 477 477

Mortgage 2000

Product: The Mortgage Business self-cert

Funded by: The Mortgage Business

Description: Base rate self-cert.

Rate: 5.84%

Max LTV: 85%

Redemption penalty: Three months’ interest at base rate for the first three years.

Procuration fee: 0.50%

Arrangement fee: £299

Other: No compulsory insurance.

Contact: 0845 345 5700

Pink Home Loans

Product: Exclusive self-cert discount mortgage

Funded by: Britannic Money

Description: 1% discount for two years.

Rate: 4.89%

Max LTV: 85%

Redemption penalty: 2% of amount repaid for two years.

Procuration fee: 0.5%

Arrangement fee: Nil

Other: MIG-free, first-time buyers accepted.

Contact: www.pink.uk.net

Product: Flexible self-cert tracker

Funded by: Birmingham Midshires

Description: Two-year self-cert.

Rate: 4.99%

Max LTV: 85%

Redemption penalty: None

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

Arrangement fee: £299

Other: First-time buyers accepted, flexible options available.

Contact: www.pink.uk.net

A helping hand from Southern Pacific

Mortgage 2000 is offering a new sub-prime stepped discount mortgage, funded by Southern Pacific Mortgage Ltd (SPML).

The product offers a discount of 1.75% until 1 June 2003, which then reduces to a 0.75% discount until 1 June 2004. Interest rates are based on Libor from plus 3.25% to plus 4.25%, which depends on the client’s employment, self-certification and purchase or remortgage status. A loan to value ratio of up to 80% is available. CCJs up to £10,000 are acceptable as are bankrupts that have been discharged a year.

Sean Hornsby, sales and marketing director at Mortgage 2000, said: ‘This highly-competitive discount from SPML, combined with historically low underlying interest rates, brings a payable rate of 6.6% within reach of borrowers with a past history of credit difficulties.

‘The step down to 0.75% after 1 June 2003 prevents borrowers from experiencing rate shock, commonly suffered by those coming off discounts straight back onto normal variable rates. We are delighted to be collaborating with SPML to offer such an excellent service to non-conforming borrowers.’

The product carries an arrangement fee of £495, and a procuration fee by arrangement with Mortgage 2000.

Contact: 0845 345 5700

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