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Product round-up

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  • 21/05/2002
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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 mortgage

Funded by: Birmingham Midshires Solutions

Description: BBR + 1.25% for three years.

Rate: 5.25%

Max LTV: 85%

Redemption penalty: 3% of capital repaid in years one, two and three.

Procuration fee: Negotiable

Arrangement fee: £299

Other: Rental income must be 125% of mortgage payment at Birmingham Midshires SVR. Employed or self-employed.

Contact: 0870 330 1817

Mortgage 2000

Product: Mortgage2000 D+P buy-to-let tracker mortgage

Funded by: Bristol & West CMS

Description: BBR + 0.89% for three years.

Rate: 4.89%

Max LTV: To £250,000 85%, above £250,000 negotiable.

Redemption penalty: 5% of outstanding loan + £100 for first two years, 4% + £100 for the following year.

Procuration fee: 0.40% minimum £150.

Arrangement fee: £399

Other: No compulsory insurance, free indemnity.

Contact: 0845 345 5700

Product: Mortgage2000 D+P buy-to-let fixed mortgage

Funded by: Bristol & West CMS

Description: Fixed for three years.

Rate: 5.75%

Max LTV: To £250,000 85%, above £250,000 negotiable.

Redemption penalty: 5% of outstanding loan + £100 for first two years, 4% + £100 for next two years.

Procuration fee: 0.35%, minimum £150.

Arrangement fee: £399

Other: No compulsory insurance, free indemnity.

Contact: 0845 345 5700

Sun Bank

Product: Buy-to-let five-year fixed mortgage

Description: Fixed until 1/8/2007.

Rate: 6.64%

Max LTV: 80%

Redemption penalty: 5% during fixed rate only.

Procuration fee: 0.4%

Arrangement fee: One to five properties £395, six to nine 0.5% and more than 10 properties 1%.

Other: Foreign nationals, expatriates and UK or overseas limited companies are charged an additional 0.5% and the LTV is reduced by 5%. For applications outside lending criteria, ask about complex prime.

Contact: 0845 601 0763

DISCOUNT RATE

First National Mortgage Company

Product: Credit repair 60% discount rate mortgage

Description: 1.75% discount until August 2003.

Rate: 5.24%

Max LTV: 60%

Redemption penalty: In year one 4% of total loan, year two 3%, year three 2% and year four 1%. Thereafter one month’s notice or 1% of loan.

Procuration fee: Refer to lender.

Arrangement fee: £495

Other: Unlimited CCJs, defaults, and arrears, discharged bankrupt. After 12 consecutive payments paid on time the rate drops by 0.5%, after three such drops, the loan reverts to prevailing variable rate.

Contact: 020 8909 8000

Product: Credit repair 80% discount rate mortgage

Description: 1.75% discount until August 2003.

Rate: 6.24%

Max LTV: 80%

Redemption penalty: In year one 4% of total loan, year two 3%, year three 2% and year four 1%. Thereafter one month’s notice or 1% of loan.

Procuration fee: Refer to lender.

Arrangement fee: £495

Other: Unlimited CCJs, defaults, and arrears, discharged bankrupt. After 12 consecutive payments paid on time the rate drops by 0.5%, after three such drops, the loan reverts to prevailing variable rate.

Contact: 020 8909 8000

Sun Bank

Product: Discount mortgage

Description: 2.21% discount until 1/8/2004 with extended tie-in, 1.46% discount until 1/8/2004, no extended tie-in.

Rate: 3.74% or 4.49%.

Max LTV: 95%

Redemption penalty: First five years ‘ 5%/5%/5%/4%/3% or 5% for discount period only.

Procuration fee: 0.3%

Arrangement fee: £395

Other: Higher advance fee charged on 90.01% and above. For applications outside lending criteria ask about complex prime.

Contact: 0845 601 0763

FIXED RATE

Amber Homeloans

Product: Fixed rate Light/ Medium adverse mortgage

Description: Fixed until 31/7/2004.

Rate: 6.29%

Max LTV: 85%

Redemption penalty: 5% in year one, 4% in year two, 3% in year three.

Procuration fee: Variable, refer to lender.

Arrangement fee: £395

Other: Unlimited CCJs to £10,000, three defaults in last 12 months, but only one default in the last six months allowable.

Contact: 01756 70 55 07

First National Mortgage Company

Product: Credit repair 60% fixed rate mortgage

Description: Fixed until August 2003.

Rate: 5.49%

Max LTV: 60%

Redemption penalty: In year one 4% of total loan, year two 3%, year three 2% and year four 1%. Thereafter one month’s notice or 1% of the loan.

Procuration fee: Refer to lender.

Arrangement fee: £495

Other: Unlimited CCJs, defaults, and arrears, discharged bankrupts. After 12 consecutive payments paid on time the rate drops by 0.5%, and after three such drops the loan reverts to prevailing variable rate.

Contact: 020 8909 8000

Product: Credit Repair 80% fixed rate mortgage

Description: Fixed until August 2003.

Rate: 6.49%

Max LTV: 80%

Redemption penalty: In year one 4% of total loan, year two 3%, year three 2% year four 1%, thereafter one month notice or 1% of loan.

Procuration fee: Refer to lender.

Arrangement fee: £495

Other: Unlimited CCJs, defaults, and arrears, discharged bankrupt. After 12 consecutive payments paid on time the rate drops by 0.5%, after three such drops loan reverts to prevailing variable rate.

Contact: 020 8909 8000

Sun Bank

Product: Five-year fixed rate mortgage

Description: Fixed until 1/8/2007 no extended tie-in.

Rate: 6.64%, 6.14% to 75% LTV.

Max LTV: 95%

Redemption penalty: 5% during fixed rate period only.

Procuration fee: 0.3%

Arrangement fee: £395

Other: Higher advance fee charged on 90.01% and above. For applications outside lending criteria, ask about complex prime.

Contact: 0845 601 0763

SELF CERT

Amber Homeloans

Product: Self-cert fixed rate Light/Medium adverse mortgage

Description: Fixed until 31/7/2004.

Rate: 6.69%

Max LTV: 85%

Redemption penalty: 5% in year one, 4% in year two, 3% in year three.

Procuration fee: Variable, refer to lender.

Arrangement fee: £395

Other: Unlimited CCJs to £10,000, three defaults in last 12 months, but only one default in the last six months allowed.

Contact: 01756 70 55 07

First National Mortgage Company

Product: Self-cert flexible tracker mortgage

Description: BBR plus 1.74%.

Rate: 5.74%

Max LTV: 90%

Procuration fee: Refer to lender.

Arrangement fee: £395

Other: Up to three CCJs up to £1,000 in last five years.

Contact: 020 8909 8000

Mortgage 2000

Product: Mortgage2000 D+P CMS self cert

Funded by: Bristol & West CMS

Description: Self-cert fixed mortgage for one year.

Rate: 2.99%

Max LTV: To £10,000 75%, above £10,000 negotiable.

Redemption penalty: 5% of outstanding loan + £100 for first two years, 4% + £100 for next two years.

Procuration fee: 0.5%, minimum £100.

Arrangement fee: £299

Other: No compulsory insurance, free indemnity.

Contact: 0845 345 5700

TRACKER

Exclusive Connections

Product: Base rate tracker mortgage

Funded by: Bristol & West

Description: BBR+ 0.8% until 30/6/2003, BBR+ 0.9% until 30/6/2004, BBR+ 0.95% until 30/6/2005, reverting to BBR + 1%.

Rate: 4.8%

Max LTV: 95%

Redemption penalty: 5% of sum repaid in first two years, 4% in year three.

Procuration fee: Negotiable

Other: Free valuation, £300 towards legal fees.

Contact: 0870 330 1817

Product: Base rate tracker mortgage

Funded by: Bristol & West

Description: 0.25% below BBR in year one, BBR + 0.45% in year two, BBR + 0.8% in year three and BBR + 1% for remaining term.

Rate: 3.75%

Max LTV: 95%

Redemption penalty: 5% of sum repaid in first two years, 4% in years three and four, 3% in year five.

Procuration fee: Negotiable

Arrangement fee: £399

Other: MIG free up to 85% LTV. One CCJ or default up to £250. First-time buyers with default or CCJ in last three years.

Contact: 0870 330 1817

New discount product from Amber

Amber Homeloans, a subsidiary of Skipton Building Society, has added to its Light/Medium adverse range with a Libor discount mortgage. It is available as a self-cert or full status mortgage, as well as at a fixed rate, again self-cert or full status.

Amber’s definition of Light/Medium adverse comprises unlimited CCJs up to £10,000 and three defaults in the last 12 months, with only one in the last six months.

The discount mortgage rate is either three months’ Libor + 2%, with a 0.75% discount until 31/7/2004 for full status, or Libor with a 0.75% discount until 31/7/2004 for self cert. This specification translates to current pay rates of 5.3% and 5.8%. Available up to 85% LTV, capital repayments of up to 10% are allowable each year within the redemption penalty period without charge.

Gordon Jolly, managing director of Amber, said: ‘Following the success of the fixed rate products launched in December 2001, we are pleased to provide brokers with the added choice of two new discounted variable mortgages. This range will allow Amber to provide increased opportunities for brokers to help clients who have had credit difficulties in the past.’

The product carries a £395 completion fees and procuration fees vary.

Contact: 01756 70 55 07

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