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