BUY TO LET
Buy To Let Processing Centre
Product: ‘Gold’ buy-to-let tracker
Funded by: Property Investment Mortgages and Verso
Description: 1.15% over the three-month Libor .
Rate: 5.35%
Max LTV: 85%
Redemption penalty: None
Procuration fee: 0.5%
Arrangement fee: £90
Other: No valuation fees.
Contact: 029 2076 7744 or
www.buytoletprocessing.com
Pink Home Loans
Product: Buy-to-let discount tracker mortgage
Funded by: Verso
Description: 0.73% discount of BBR+1.98% for three years.
Rate: 5.25%
Max LTV: 85%
Redemption penalty: 5% of amount repaid for three years.
Procuration fee: 0.25%
Arrangement fee: 1% of advance.
Other: Available via direct submission, no MIG, daily interest.
Contact: www.pink.uk.net
Product: Buy-to-let stepped discount mortgage
Funded by: Legal & General Bank
Description: 1.25% discount in year one, 0.75% in year two, 0.5% in year three, underlying variable rate is 5.74%.
Rate: 4.49%
Max LTV: 80%
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: Cashback of £250, valuation fee refund.
Contact: www.pink.uk.net
Product: Buy-to-let fixed rate mortgage
Funded by: Mortgage Express
Description: Fixed until 3/6/2003.
Rate: 1.99%, underlying rate is BBR + 1.75%.
Max LTV: 85%
Redemption penalty: Six months’ interest at underlying variable rate until 3/6/2007.
Procuration fee: 0.5%
Arrangement fee: 1% of loan.
Other: Maximum borrowing £1m.
Contact: www.pink.uk.net
CAPPED
Coventry Building Society
Product: Capped rate mortgage
Description: Capped at 5.99% until 30/9/2007.
Rate: 4.99% (0.76% discount), minimum rate payable 4%.
Max LTV: 95%
Redemption penalty: Six months’ interest to 30/9/2007.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Free remortgage transfer service, free valuation.
Contact: 0845 766 5522
Product: Capped rate mortgage
Description: Capped at 5.75% until 31/1/2005.
Rate: 4.49% (1.26% discount), minimum rate payable 3.74%.
Max LTV: 95%
Redemption penalty: Three months’ interest to 31/1/2005.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Free remortgage transfer service, free valuation.
Contact: 0845 766 5522
Coventry Building Society
Product: Capped rate remortgage
Description: Capped at 5.75% until 31/1/2005.
Rate: 4.49% (1.26% discount), minimum rate payable 3.74%.
Max LTV: 95%
Redemption penalty: Three months’ interest to 31/1/2005.
Procuration fee: Negotiable
Arrangement fee: £95
Other: Free remortgage transfer service, free valuation.
Contact: www.remortgages.com
Product: Capped rate remortgage
Description: Capped at 5.99% until 30/9/2007.
Rate: 4.99% (0.76% discount), minimum rate payable 4%.
Max LTV: 95%
Redemption penalty: Six months’ interest to 30/9/2007.
Procuration fee: Negotiable
Arrangement fee: £145
Other: Free remortgage transfer service, free valuation.
Contact: www.remortgages.com
GMAC RFC
Product: Capped rate tracker mortgage
Description: Tracks BBR + 0.95%, capped at 5.29% until May 2005.
Rate: 4.95%
Max LTV: 90%
Redemption penalty: 4% of amount redeemed until 1/5/2003, 3% until 1/5/2005, nil thereafter.
Procuration fee: 0.35%
Arrangement fee: £395
Other: Express status lending and no MIG. One CCJ or default of less than £300 or one month’s arrears in the last 12, considered, if satisfied. On completion the mortgage will transfer to the Leeds & Holbeck BS without change in terms or conditions.
Contact: 01344 477 477
DISCOUNT
Cheltenham & Gloucester
Product: Large loan discount mortgage
Description: For loans over £100,000, discount of 1.75% of C&G SVR until 31/12/2005.
Rate: 4.2%
Max LTV: 80%
Procuration fee: £500 for £100,000 to £250,000 before 31 July, £1,000 for £250,000 plus before 31 July.
Arrangement fee: £299
Other: Remortgages ‘ free legals in-house, or £150 to use own solicitor.
Contact: 01452 373187
Coventry Building Society
Product: Discount mortgage
Description: 1.26% discount off SVR to 31/1/2005.
Rate: 4.49%
Max LTV: 95%
Redemption penalty: Three months’ interest to 31/1/2005.
Procuration fee: Negotiable
Other: Free valuation, no mortgage indemnity fees, purchase only.
Contact: 0845 7665522
Pink Home Loans
Product: Flexible discount base rate tracker mortgage
Funded by: The Mortgage Business
Description: 0.5% discount for 12 months on underlying base rate of BBR + 1.5%.
Rate: 5%
Max LTV: 85%
Redemption penalty: None
Procuration fee: 0.5%, maximum £2,500.
Arrangement fee: £299
Other: Flexible mortgage with daily interest.
Contact: www.pink.uk.net
FIXED
Chelsea Building Society
Product: Two-year fixed rate mortgage
Description: Fixed until 2/9/2004.
Rate: 4.99%
Max LTV: 95%
Redemption penalty: 3% of all capital repaid until 2/9/2004 unless replaced by another Chelsea mortgage.
Procuration fee: Existing arrangements apply ‘ contact society.
Arrangement fee: £245, £195 paid at application.
Other: For direct business only ‘ free legal fees or £200 contribution.
Contact: 08702 404 808
Lambeth Building Society
Product: Fixed rate mortgage
Description: Fixed to 1/8/2003.
Rate: 2.99%
Max LTV: 95%
Redemption penalty: 5% until 1/8/2003 on full or partial redemption. No redemption if replaced by another Lambeth BS mortgage.
Procuration fee: Contact lender
Arrangement fee: £95 on application, £295 on completion.
Contact: 0845 053 3003
Pink Home Loans
Product: Fixed rate mortgage
Funded by: Mortgage Express
Description: Fixed until 3/6/2004.
Rate: 4.79%, underlying rate is BBR + 1.5% to 75% LTV, BBR + 1.75% to 95% LTV.
Max LTV: 95%
Redemption penalty: Six months’ interest at underlying variable rate until 3/6/2004.
Procuration fee: 0.3%
Arrangement fee: £325
Other: No MIG, flexible options available, overpayments, underpayments and draw-down facilities.
Contact: www.pink.uk.net
SELF BUILD
BuildStore
Product: BuildLoan self-build
Funded by: Verso
Description: Self-certification, BBR + 1.25% tracker.
Rate: 5.25%
Max LTV: 95% of both land and construction costs, but maximum of 85% of final expected LTV.
Redemption penalty: 3% in first year, 2% in second year and 3% in third year.
Procuration fee: £200
Arrangement fee: £195
Other: Available to employed, self employed and contract workers. Maximum loan is £300,000 (£500,000 up to 75% LTV).
Contact: 0870 870 9499
TRACKER
Cheltenham & Gloucester
Product: Large loan BBR tracker mortgage
Description: For loans over £100,000, BBR + 0.5% until 31/12/2005.
Rate: 4.5%
Max LTV: 80%
Redemption penalty: None
Procuration fee: £500 for £100,000 to £250,000 before 31 July, £1,000 for £250,000 plus before 31 July.
Arrangement fee: £299
Other: Remortgages ‘ free legals in-house or £150 to use own solicitor.
Contact: 01452 373 187
Norwich & Peterborough
Product: Spanish BBR tracker mortgage
Description: BBR + 1.25% for five years, after five years Spanish Home Loans SVR applies (currently 6%).
Rate: 5.25%
Max LTV: 75%
Redemption penalty: Six months’ interest in first five years.
Procuration fee: 0.25%, minimum £125, and maximum £1,000.
Arrangement fee: £250
Other: Overpayments can fund underpayments and payment holidays. No compulsory insurance.
Contact: 01733 372 006
New graduate deal from Scottish Widows
Scottish Widows Bank has launched a product aimed at graduates struggling to get on the property ladder.
The Graduate Mortgage allows individuals to borrow up to 100% LTV plus another 2% to cover associated costs. This 2% must be repaid within the first 10 years of the mortgage. The mortgage is a BBR tracker with a 0.25% discount off the BBR for the first six months, with a rate of 3.75%. It then reverts to BBR+1.25%.
The product is available to those who graduated from a British university in the last five years and have been employed for the last year.
Gordon Brown, business development manager of Scottish Widows Bank, said: ‘By offering this 102% mortgage we are aiming to help graduates onto the property ladder quickly. Traditionally, on leaving university graduates don’t have a deposit and struggle to enter the property market. While saving money for a deposit prices may continue to increase and the property ladder can remain just out of their grasp.’
Redemption penalties are set at the repayment of the free valuation and legal fees in the first three years. The product carries no arrangement fee.
Contact: 0845 845 0110
