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Product round-up

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  • 01/07/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY TO LET

Coventry Building Society

Product: Buy-to-let discount mortgage

Description: 1.34% discount to 31/1/2005.

Rate: 4.65%

Max LTV: 85%

Redemption penalty: Six months’ interest to 31/1/2005.

Procuration fee: Negotiable

Arrangement fee:£350

Other: £50 administration fee, discounted legal fees available.

Contact: 0845 7665522

Product: Buy-to let-Flexx mortgage

Description: Guaranteed to be no more than 3% above BBR.

Rate: 4.99%

Max LTV: 85%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £500

Other: £50 administration fee, discounted legal fees, daily interest.

Contact: 0845 766 5522

Product: Buy-to-let fixed rate

Description: Fixed to 31/1/2005.

Rate: 5.95%

Max LTV: 85%

Redemption penalty: Six months’ interest to 31/1/2005.

Procuration fee: Negotiable

Arrangement fee: £325

Other: £50 administration fee, discounted legal fees available.

Contact: 0845 766 5522

Genesis Home Loans

Product: Buy-to-let fixed rate

Funded by: Mortgage Express

Description: Fixed until 3/9/2007.

Rate: 6.25%

Max LTV: 85%

Redemption penalty: Six months’ interest during fixed period.

Procuration fee: 0.3%

Arrangement fee: £399

Other: £1m maximum loan, unlimited amount of properties, rent must be 130% of mortgage payment at SVR.

Contact: 01832 275 044

Product: Buy-to-let discounted rate mortgage

Funded by: Mortgage Express

Description: 1% two-year discount.

Rate: 4.75%

Max LTV: 85%

Redemption penalty: Six months’ interest for three years.

Procuration fee: 0.3%

Arrangement fee: £399

Other: £1m maximum loan, unlimited amount of properties, rent must be 130% of mortgage payment at SVR.

Contact: 01832 275 044

DISCOUNT

Exclusive Connections

Product: Clean slate discount mortgage

Funded by: Mortgage Express

Description: 1.26% discount for one year.

Rate: 4.99%

Max LTV: 90%

Redemption penalty: Six months’ interest at SVR (BBR + 2.25%) in the first three years.

Procuration fee: Negotiable

Arrangement fee: None

Other: No MIG, unlimited CCJs up to £10,000 which do not need not to be satisfied but no new ones in the last year. Unlimited defaults to any value, but none in the last year, bankrupts discharged a year.

Contact: 0870 330 1817

Product: Clean slate discount

Funded by: Mortgage Express

Description: 0.5% discount for lifetime of the loan.

Rate: 5.75%

Max LTV: 90%

Redemption penalty: Six months’ interest at the SVR (BBR + 2.25%) in the first three years.

Procuration fee: Negotiable

Arrangement fee: None

Other: Unlimited CCJs up to £10,000 ‘ do not need to be satisfied, but no new ones in the last year. Unlimited defaults to any value, but none in the last year, bankrupts discharged a year.

Contact: 0870 330 1817

Genesis Home Loans

Product: 100% discount mortgage

Funded by: Mortgage Express

Description: 1.01% discount for three years.

Rate: 4.99%

Max LTV: 105%

Redemption penalty: Six months’ interest for three years.

Procuration fee: £100

Arrangement fee: £399

Other: 102% for first-time buyers, no MIG, flexible options available.

Contact: 01832 275 044

Pink Home Loans

Product: Three-year stepped discount mortgage

Funded by: Staffordshire BS

Description: 2.2% discount in year one, 1.2% in year two, 0.4% discount in year three.

Rate: 3.54%

Max LTV: 95%

Redemption penalty: 3% of amount repaid in year one, 2% in year two and 1% in year three, plus a fee of £199.

Procuration fee: 0.45%

Arrangement fee: £295

Other: Free valuation, one CCJ up to £250 within last three years, no arrears in last 12 months, up to two months’ arrears in months 12 to 24.

Contact: www.pink.uk.net

Product: Three-year discount mortgage

Funded by: Bristol & West

Description: 1.85% discount for three years from completion.

Rate: 3.65%

Max LTV: 95%

Redemption penalty: 5% of the amount repaid for two years, 4% for two years then 3% for one year plus a fee of £100.

Procuration fee: 0.3%, min £100.

Arrangement fee: £299

Other: No adverse credit or arrears. First-time buyers accepted.

Contact: www.pink.uk.net

Product: Adverse discount mortgage

Funded by: BM Solutions

Description: 0.4% discount for one year.

Rate: 5.55%

Max LTV: 85%

Redemption penalty: 5% of the amount repaid in year one, 4% in year 2, 3% in year three, none thereafter.

Procuration fee: 0.5%, minimum £250, maximum £2,500.

Arrangement fee: £299

Other: £400 cashback, maximum £7,500 registered in last three years, up to three months’ arrears in last 12 months, bankruptcy discharged.

Contact: www.pink.uk.net

Scarborough BS

Product: Flexible lifetime discount mortgage

Description: 1.44% discount for life of loan.

Rate: 4.55%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Up to £75k ‘ £150, £75k to £150k ‘ £175, £150k plus ‘ £200.

Arrangement fee: £149

Other: Overpayments, underpayments and holidays allowed, fully portable.

Contact: 01723 355 111

FIXED RATE

Exclusive Connections

Product: Fixed rate sub-prime

Funded by: BM Solutions

Description: Fixed until 1/2/2004. followed by BBR + 1.95% for remaining term.

Rate: 6.74%

Max LTV: 85%

Redemption penalty: 4% of capital repaid until 1/8/2003, 3% of capital amount repaid until 1/8/2004, 2% of capital amount repaid until 1/8/2005.

Procuration fee: Negotiable

Arrangement fee: £299

Other: No MIG, Maximum £7,500 CCJs, maximum three months’ arrears in the last 12 months, bankruptcy discharged.

Contact: 0870 330 1817

Product: Clean slate fixed rate Funded by: Mortgage Express

Description: Fixed until 3/9/2004.

Rate: 6.99%

Max LTV: 90%

Redemption penalty: Six months’ interest at SVR (BBR + 2.25%) to 3/9/2004.

Procuration fee: Negotiable

Arrangement fee: None

Other: No MIG, unlimited CCJs up to £10,000 do not need to be satisfied, but no new ones in last year. Unlimited defaults to any value, but none in the last year, bankrupts discharged for a year.

Contact: 0870 330 1817

Genesis Home Loans

Product: 100% fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 3/9/2005.

Rate: 6.24%

Max LTV: 105%

Redemption penalty: Six months’ interest until 3/9/2005.

Procuration fee: £100

Arrangement fee: £399

Other: 102% for first-time buyers, no MIG, flexible options available.

Contact: 01832 275 044

SELF CERTIFICATION

Exclusive Connections

Product: Self-cert fixed rate sub-prime mortgage

Funded by: BM Solutions

Description: Fixed until 1/2/2004. followed by BBR + 2.45% for remaining term.

Rate: 7.24%

Max LTV: 85%

Redemption penalty: 4% of capital repaid until 1/8/2003, 3% of capital amount repaid until 1/8/2004, 2% of capital amount repaid until 1/8/2005.

Procuration fee: Negotiable

Arrangement fee: £299

Other: Daily interest, maximum £7,500 CCJs, maximum three months’ arrears in the last 12 months, bankruptcy discharged.

Contact: 0870 330 1817

Genesis Home Loans

Product: Self-certification discount mortgage

Funded by: Mortgage Express

Description: 1.11% discount for two years.

Rate: 4.89%

Max LTV: 90%

Redemption penalty: Six months’ interest for three years.

Procuration fee: 0.3%

Arrangement fee: £399

Other: Purchase and remortgage, flexible options available, first-time buyers accepted.

Contact: 01832 275 044

STANDARD

Pink Home Loans

Product: Adverse SVR mortgage

Funded by: BM Solutions

Description: SVR for term plus £400 cashback.

Rate: 5.95%

Max LTV: 0%

Redemption penalty: 5% repaid in year one, 4% in year two, 3% in year three, then none.

Procuration fee: 0.5%, minimum £250, maximum £2,500.

Arrangement fee: £299

Other: Max £5,000 CCJs, none in the last six months, up to two months’ arrears ‘ not increased in the last 12 months, bankruptcy discharged one year.

Contact: www.pink.uk.net

Incentives for landlords from Coventry BS

Coventry Building Society is introducing new incentives to encourage landlords to remortgage their buy-to-let investment and save money on their monthly repayments. A new discounted mortgage has been launched, designed to help landlords refinance their current mortgage with minimum cost and effort.

The new product carries a 0.84% discount to 31/1/2005, giving a payable rate of 5.15%. The maximum available LTV is 85% and early repayment terms are set at six months’ interest to 31/1/2005. Other benefits include a free valuation service and a free remortgage transfer service.

Martin Ritchley, chief executive of Coventry BS, said: ‘Buy to let is now a substantial market which is seeing a steady increase, particularly in the remortgaging sector. For landlords who have conducted their research properly and bought properties in rentable areas, they are making good returns, but we believe this could be much better by remortgaging. The no-fee incentives should encourage landlords to consider obtaining a better deal with us.’

Procuration fees are negotiable and there is an arrangement fee of £350.

Contact: 0845 766 5522

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