You are here: Home - News -

Product round-up

by:
  • 06/06/2002
  • 0
Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY-TO-LET

BM Solutions

Product: Buy-to-let flexible mortgage

Description: 0.46% discount off SVR for three years followed by SVR for life.

Rate: 5.49%

Max LTV: 75%

Redemption penalty: None

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

Arrangement fee: 1%, minimum £299.

Other: Daily interest, underpayments and payment holidays available after six months’ payments met. Maximum 10 properties, income must be 125% of SVR rate repayments.

Contact: 0800 587 2211

Product: Buy-to-let fixed rate

Description: Fixed until 1/8/2005 followed by SVR.

Rate: 6.29%

Max LTV: 85%

Redemption penalty: 5% to 1/8/2003, 4% to 1/8/2004, and 3% to 1/8/2005.

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

Arrangement fee: £299

Other: Maximum 10 properties, income must be 125% of SVR rate repayments, no multiple lets ‘ including students.

Contact: 0800 587 2211

CAPPED

Bristol & West

Product: Capped rate mortgage

Description: BBR + 0.99% for term of loan, capped at 6.97% until 31/7/2005.

Rate: 4.99%

Max LTV: 95%

Redemption penalty: 5% to 31/7/2004 then 4% to 31/7/2005.

Procuration fee: 0.3%, minimum £150.

Arrangement fee: £299

Other: MIG paid by B&W

Contact: 0117 943 7878

DISCOUNT

BM Solutions

Product: Sub-prime discount mortgage

Description: 1.11% off SVR for six months then SVR + 0.5% for 30 months.

Rate: 4.84%

Max LTV: 90%

Redemption penalty: 4%, 3% 2% in years one, two and three respectively.

Procuration fee: 1% minimum £250, maximum £2,500.

Arrangement fee: £299

Other: £5,000 maximum CCJs ‘ none in last six months, maximum two months’ arrears in last 12 months, bankruptcy discharged for one year.

Contact: 0800 587 2211

Market Harborough BS

Product: 3-2-1 discount mortgage

Description: 3% off SVR in year one, 2% off SVR in year two, 1% off SVR in year three.

Rate: 2.74%

Max LTV: 85%

Redemption penalty: Six months’ interest at SVR on repayment during fixed rate period, thereafter one month’s interest or one month’s notice. Partial redemption of less than 10% of outstanding balance acceptable without penalty.

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

Arrangement fee: £295

Other: No compulsory insurance, but £40 taken if client uses own buildings insurance, daily interest, refund of first six months of ASU policy first three months’ build- ings and contents insurance free.

Contact: 01858 463 244

Product: Discount for life of loan.

Description: 1% discount from inception date for life of the loan.

Rate: 4.74%

Max LTV: 85%

Redemption penalty: One month’s interest at SVR on repayment for life of the loan or one month’s notice. Partial redemption of less than 10% of outstanding balance acceptable without penalty.

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

Arrangement fee: £295

Other: No compulsory insurance, but £40 taken if client uses own buildings insurance, daily interest, refund of first six months of ASU policy, first three months’ buildings and contents insurance free.

Contact: 01858 463 244

Mortgage 2000

Product: Mortgage 2000 m-club Staffordshire BS

Description: Three-year discount.

Rate: 4.25%

Max LTV: 95%

Redemption penalty: 5% of outstanding loan for first year, 2% for next year, 1% for next year.

Procuration fee: 0.3%, minimum £225.

Arrangement fee: £195

Other: £300 cash back, no compulsory insurance.

Contact: 0845 345 5700

Pink Home Loans

Product: Express status discount mortgage

Description: 1.75% discount to 1/6/2004.

Rate: 3.99%

Max LTV: 95%

Redemption penalty: None

Procuration fee: 0.35%

Arrangement fee: £395

Other: One CCJ of less than £300 considered if satisfied, one month’s arrears in last 12 months may also be considered.

Contact: www.pink.uk.net

Product: Three-year stepped discount

Description: 0.65% discount for two years, followed by a 0.3% discount for one year.

Rate: 4.35%

Max LTV: 95%

Redemption penalty: 5% of the amount repaid for two years, then 4% for one year, plus admin-istration fee (currently £100).

Procuration fee: 0.3%, minimum £100.

Arrangement fee: £299

Other: If client earns at least £20,000 and has paid all credit commitments on time then income multiples can be extended to 4+1.

Contact: www.pink.uk.net

FIXED

BM Solutions

Product: Sub-prime fixed rate mortgage

Description: Fixed until 1/4/2003.

Rate: 4.98%

Max LTV: 90%

Redemption penalty: 4%, 3% 2% in years one, two and three respectively.

Procuration fee: 1% minimum £250, maximum £2,500.

Arrangement fee: £299

Other: £5,000 maximum CCJs ‘ none in last six months, maximum two months’ arrears in last 12 months, bankruptcy discharged for one year.

Contact: 0800 587 2211

Bristol & West

Product: Three-year fixed rate mortgage

Description: Fixed until 31/7/2005, reverting to BBR + 1%.

Rate: 5.65%

Max LTV: 95%

Redemption penalty: 5% to 31/7/2005.

Procuration fee: 0.3%, minimum £150.

Arrangement fee: £399

Contact: 0117 943 7878

Product: Five-year fixed rate mortgage

Description: Fixed until 31/7/2007, reverting to BBR + 1%.

Rate: 5.79%

Max LTV: 95%

Redemption penalty: 7% to 31/7/2003 then 6% to 31/7/2005.

Procuration fee: 0.3%, minimum £150.

Arrangement fee: £399

Contact: 0117 943 7878

Market Harborough BS

Product: Two-year fixed rate

Description: Fixed for two years from inception of the loan.

Rate: 3.74%

Max LTV: 80%

Redemption penalty: Six months’ interest at SVR on repayment during fixed period and three years after, thereafter one month’s interest or one month’s notice. Partial redemption of less than 10% of outstanding balance acceptable without penalty.

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

Arrangement fee: £295

Other: No compulsory insurance, but £40 taken if client uses own buildings insurance, daily interest, first three months’ buildings and contents insurance free.

Contact: 01858 463 244

Product: Two-year fixed rate, then 1% discount for three years

Description: Fixed for two years from inception of the loan, then 1% discount for exactly three years after fixed rate period expires.

Rate: 4.74%

Max LTV: 80%

Redemption penalty: Six months’ interest at SVR on repayment during first five years, thereafter one month’s interest or one month’s notice. Partial redemption of less than 10% of outstanding balance acceptable without penalty.

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

Arrangement fee: £295

Other: No compulsory insurance but £40 taken if client uses own buildings insurance, daily interest, first three months’ buildings and contents insurance free.

Contact: 01858 463 244

SELF CERT

Bristol & West

Product: Self-cert discount mortgage

Description: 1.9% discount for two years from BBR + 1.75%, reverts to BBR + 1.75%.

Rate: 3.85%

Max LTV: 85%

Redemption penalty: 5% for two years, then 4% for two years.

Procuration fee: 0.5%, minimum £150.

Arrangement fee: £299

Contact: 0117 943 7878

BM Solutions

Product: Self-cert flexible mortgage

Description: 0.5% discount off BBR + 1.75% for two years followed by BBR + 1.75% for remainder of the term.

Rate: 5.25%

Max LTV: 85%

Redemption penalty: None

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

Arrangement fee: 1%, minimum £299.

Other: Daily interest, underpayments and payment holidays available after six consecutive payments.

Contact: 0800 587 2211

Product: Self-cert fixed rate mortgage

Description: Fixed until 1/8/2007 followed by BBR + 1 .75%.

Rate: 6.29%

Max LTV: 85%

Redemption penalty: 5% to 1/8/2003, 4% to 1/8/2005, 3% to 1/8/2006, 2% to 1/8/2007.

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

Arrangement fee: £299

Contact: 0800 587 2211

New two-year self-cert deal from Capital

Capital Home Loans has introduced a new self-certificated mortgage fixed for two years.

Aimed at the self-employed it is available for purchase, remortgage or let to buy. The product does not require accounts and is fixed at 5.99% until 1/6/2004, with an uncapped procuration fee of 0.85%.

Trevor Child, marketing manager, said: ‘This represents one of the best deals available for the self-employed who do not want to let their accounts restrict the size of their mortgage.’

The minimum period of self-employment is one year up to 75% LTV and two years to 90% LTV and remortgages. Redemption penalties on this mortgage are set at 5% for two years, with no tie-in beyond the fixed rate period. The maximum loan to value is 90%. An arrangement fee of £295 is payable.

Contact: 01252 365 834

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Your career is in your hands

Richard Hall, head of Newcastle-based packager Best Advice Mortgage Centre, has come out with a rath...

Close