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Product round-up

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  • 16/07/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY TO LET

Pink Home Loans

Product: Buy-to-let discount mortgage

Description: 1% discount until 1/7/2005.

Rate: 4.95%

Max LTV: 80%

Redemption penalty: None

Procuration fee: Up to 0.5% (minimum £200, maximum £1,400).

Arrangement fee: £295

Other: Via direct submission only.

Contact: 01543 441 505

Product: Buy-to-let discount

Funded by: Royal Bank of Scotland

Description: 1% discount form SVR until 1/7/2005.

Rate: 4.95%

Max LTV: 80%

Redemption penalty: None

Procuration fee: 0.5%, minimum £250 maximum £1,400.

Arrangement fee: £295

Other: Maximum of five properties

Contact: www.pink.uk.net

CAPPED

Bristol & West

Product: Capped rate mortgage

Description: Capped at 5.99% until 30/6/2004.

Rate: 4.29%

Max LTV: 95%

Procuration fee: Negotiable

Booking fee: £399

Other: No extended tie-in. £399 non-refundable booking fee.

Contact: 0117 943 775

DISCOUNT

Bristol & West

Product: Discount mortgage

Description: 1.96% discount off SVR until 30/6/2004.

Rate: 3.99%

Max LTV: 95%

Redemption penalty: 5% until 30/6/2004.

Procuration fee: Negotiable

Booking fee: £399

Other: No extended redemption charges.

Contact: 0117 943 7755

Product: Discount mortgage

Description: 2.06% off SVR until 30/6/2004.

Rate: 3.89%

Max LTV: 95%

Redemption penalty: 5% until 30/6/2004.

Procuration fee: Negotiable

Booking fee: £399

Other: No extended redemption charges.

Contact: 0117 943 7755

Product: Discount mortgage

Description: 1.72% discount until 30/6/2004.

Rate: 4.23%

Max LTV: 95%

Redemption penalty: 5% of sum repaid until 30/6/2004, redemption fee of £100.

Procuration fee: Negotiable

Arrangement fee: £399

Other: Free valuation, £300 cashback towards legal fees.

Contact: 0870 330 1817

Britannic Money

Product: Discount mortgage

Description: 1.90% discount for two years.

Rate: 3.99%

Max LTV: 95%

Redemption penalty: 3% in years one and two.

Procuration fee: 0.35%

Arrangement fee: £199

Other: No loading for self-certification, current account option, free MPPI for first six months, product available until 31/7/2002.

Contact: 01372 737 737

Capital Home Loans

Product: Discount mortgage

Description: 0.49% discount for first six months from completion.

Rate: 0.99% above BBR.

Max LTV: 95%

Redemption penalty: None

Procuration fee: 0.5%

Arrangement fee: £295

Other: No MIG.

Contact: 01252 365 801

Exclusive Connections

Product: Discount

Funded by: Bristol & West

Description: 1.85% discount until 30/6/2004.

Rate: 4.10%

Max LTV: 95%

Redemption penalty: 5% sum repaid until 30/6/2004 plus redemption fee of £100.

Procuration fee: Negotiable

Arrangement fee: £399

Other: No MIG up to 85% LTV, remortgage available.

Contact: 0870 330 1817

Product: 100% mortgage

Funded by: Mortgage Express

Description: 1.01% discount for three years, fixed until 3/9/2004.

Rate: 4.99%, 5.49%.

Max LTV: 105%

Redemption penalty: 5.59% ‘ six months interest at SVR until 3/9/2005, 4.99% ‘ six months’ interest at the variable rate for first three years.

Procuration fee: Negotiable

Arrangement fee: £325

Other: Minimum loan £50,000 maximum £250,000, no MIG, flexible payments.

Contact: 0800 587 7272

Genesis Home Loans

Product: Sapphire

Description: Discounted sub-prime mortgage.

Rate: 6.49% until 31/12/ 2003.

Max LTV: 80%

Redemption penalty: 5% year one, 4% year two, 3% year three plus £95.

Procuration fee: 1%

Arrangement fee: £395

Other: After 31/12/2003 rate reverts to 7.74%.

Contact: 01832 275 044

Lambeth BS

Product: Discount mortgage

Description: 1.70% discount for two years.

Rate: 4.25% for two years.

Max LTV: 90%

Redemption penalty: None

Procuration fee: 0.25%

Arrangement fee: None

Other: No application fee, no legal charges, applicants receive £150 holiday voucher.

Contact: 08000 28 69 28

Mortgages plc

Product: Discount mortgage

Description: 0.20% below SVR until 1/8/2003.

Rate: 5.75%

Max LTV: 85%

Redemption penalty: 6% of outstanding capital balance in the first three years.

Procuration fee: 1%

Arrangement fee: £395

Contact: 0845 60 50 402

Product: Discount mortgage

Description: 0.50% above SVR until 1/8/2003.

Rate: 6.45%

Max LTV: 80%

Redemption penalty: 6% of outstanding capital balance in first three years.

Procuration fee: 1%

Arrangement fee: £395

Contact: 0845 60 50 402

FIXED RATE

Capital Home Loans

Product: Self-certification mortgage

Description: Fixed for two years.

Rate: 5.99%

Max LTV: 90%

Redemption penalty: None for fixed period.

Procuration fee: 0.85%

Arrangement fee: £295

Contact: 01252 365 801

Cheltenham & Gloucester

Product: Fixed rate mortgage

Description: One to seven-year fixed.

Rate: One year ‘ 4.99%, two ‘ 5.29%, three ‘ 5.49%, five ‘ 5.69%, seven ‘ 5.69%.

Max LTV: 95%

Redemption penalty: Calc-ulated as a % of the amount repaid.

Procuration fee: £175 ‘ £1,000 depending on loan size.

Administration fee: £199

Other: Early repayment charges restricted to length of fixed rate, loan must start by 29/11/ 2002.

Contact: 0800 272 131

SELF-CERT

Exclusive Connections

Product: Self-certification mortgage

Funded by: Birmingham Midshires Solutions

Description: BBR + 1.89% for mortgage term.

Rate: 5.89%

Max LTV: 85%

Redemption penalty: 3% of amount repaid year three, 2% year four, 1% year five.

Procuration fee: Negotiable

Arrangement fee: None

Other: 3% cashback paid on completion.

Contact: 0870 330 1817

Product: Self-cert mortgage

Funded by: Birmingham Midshires Solutions

Description: BBR + 1.89% for mortgage term.

Rate: 5.89%

Max LTV: 85%

Redemption penalty: 5% year one, 4% year two, 3% year three, 2% year four, 1% year five.

Procuration fee: Negotiable

Arrangement fee: None

Other: 5% cashback paid on completion.

Contact: 0870 330 1817

Product: Semi-exclusive self-cert mortgage

Funded by: Birmingham Midshires Solutions

Description: BBR + 1.89% for life of mortgage, 5%, 4%, 3% cashback options.

Rate: 5.89%

Max LTV: 85%

Redemption penalty: 5%, 4%, 3%, 2%, 1% of amount repaid in first five years for 5% cashback, 4%, 3%, 2%, 1% for 4% cashback and 3%, 2%, 1% for 3% cashback.

Procuration fee: Negotiable

Arrangement fee: None

Other: Daily interest, first time buyers accepted, employed and self-employed.

Contact: 0870 330 1817

TRACKER

The Mortgage Business

Product: Tracker

Description: Base rate tracker to 1/9/2003.

Rate: 0.79% to 1/9/2003 then 1.49%.

Max LTV: 95%

Redemption penalty: Four, three, two months’ gross interest in first three years then one month’s notice, or interest in lieu of notice thereafter.

Procuration fee: £150

Arrangement fee: £299

Other: £400 cashback on completion, available for remortgages.

Contact: 08457 253 253

Pink and Mortgages plc team up

Pink Home Loans has teamed up with Mortgages plc to launch a range of new sub-prime mortgage products paying up to 1.25% broker commission.

The products track the bank base rate with a 1.5% discount until 1/8/2003. LTV is available up to 95% of the loan and rates are tiered according to the LTV.

Peter Beaumont, sales and marketing director at Pink Home Loans, said: ‘The simplicity and transparency of base rate tracker products are big selling points to introducers and borrowers alike. We have invested significant time and effort into developing these products.’

If an express payment request form is completed, Pink Home Loans also pledges to pay broker commission within 24 hours of legal completion. This can be paid straight into the broker’s bank account.

Early redemption charges are 6% in the first three years then one month’s notice or interest in lieu thereafter.

The arrangement fee for the range is £395.

Contact: 08707 590 169

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