You are here: Home - News -

Product round-up

by:
  • 29/07/2002
  • 0
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: 1.2% discount to 31/1/2005.

Rate: 4.79%

Max LTV: 85%

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

Procuration fee: Negotiable

Arrangement fee: £399

Other: £50 administration fee, discounted legal fees.

Contact: 0845 766 5522

Product: Buy-to-let fixed rate mortgage

Description: Fixed to 31/8/2007.

Rate: 5.95%

Max LTV: 85%

Redemption penalty: Six months’ interest to 31/8/2007.

Procuration fee: Negotiable

Arrangement fee: £325

Other: Discounted legal fees.

Contact: 0845 766 5522

Mortgage 2000

Product: Buy-to-let tracker mortgage with a discount

Funded by: Bristol & West

Description: Three-year discount.

Rate: 5% with £399 arrangement fee, 4.89% with £299 arrangement fee.

Max LTV: 85%

Redemption penalty: 5% of outstanding loan plus £100 in first two years, 4% of outstanding loan plus £100 the next year.

Procuration fee: 0.4% or minimum £150.

Arrangement fee: £399 or £299.

Other: No compulsory insurance, requires 125% rental income.

Contact: 0845 345 5700

Product: Buy-to-let tracker mortgage with a discount

Funded by: Bristol & West

Description: Four-year discount.

Rate: 4.67%

Max LTV: 85%

Redemption penalty: 5% of outstanding loan plus £100 in first two years, 4% of outstanding loan plus £100 the next year, 3% of outstanding loan plus £100 the following year.

Procuration fee: 0.4% minimum £150.

Arrangement fee: £399

Other: No compulsory insurance, requires 125% rental income.

Contact: 0845 345 5700

Pink Home Loans

Product: Exclusive buy-to-let discounted tracker

Funded by: Derbyshire BS

Description: 0.95% discount from BBR + 1.75% for four years.

Rate: 4.80%

Max LTV: 80% for remortgages, 75% for purchase in new property, or 80% for repair/ improvement to existing property.

Redemption penalty: 2% of amount repaid for four years.

Procuration fee: 0.35%, minimum £150, maximum £500.

Arrangement fee: £475

Other: Daily interest, free valuation, applicants must be owner-occupiers.

Contact: www.pink.uk.net

CAPPED

Skipton Building Society

Product: Flexible five-year capped rate mortgage

Description: Capped at 6.5% until 30/9/2007, two-year discount off SVR (5.7%).

Rate: 4.7% with insurance, 4.85% without.

Max LTV: 85%

Redemption penalty: 5% in year one, 4% in year two, 3% in year three, 2% in year four and 1% in year five, 10% capital repayment allowed annually without charge.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Daily interest, payment holidays and overpayments.

Contact: 0800 446 776

Product: Flexible five-year capped rate mortgage.

Description: Capped at 6.65% until 30/9/2007, two-year discount off SVR (5.7%).

Rate: 4.85% with insurance, 5% without.

Max LTV: 95%

Redemption penalty: 5% in year one, 4% in year two, 3% in year three, 2% in year four and 1% in year five, 10% capital repayment allowed annually without charge.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Daily interest, payment holidays and overpayments, MIG trigger at 90%.

Contact: 0800 446 776

DISCOUNT

First National Mortgage Company

Product: Remortgage cash-back discount mortgage

Description: 1.99% discount until November 2004.

Rate: 6%

Max LTV: 85%

Redemption penalty: 4%/3%/ 2%/1% in years one to four, then one month’s notice or one month’s interest.

Procuration fee: 0.75%

Arrangement fee: £495

Other: 5% of amount borrowed returned as cashback, SVR, currently 5.74%, is applied after two years if two years’ good repayment regardless of borrower’s lending history. No CCJs, defaults, arrears in the 12 months before application.

Contact: 020 8909 8090

Product: Remortgage cash-back self-cert discount mortgage

Description: 1% discount until November 2004.

Rate: 6.99%

Max LTV: 85%

Redemption penalty: 4%/3%/ 2%/1% in years one to four respectively, thereafter one month’s notice or one month’s interest.

Procuration fee: 0.75%

Arrangement fee: £495

Other: 5% of amount borrowed returned as cashback, SVR, currently 5.74%, is applied after two years if two years’ good repayment regardless of borrower’s lending history. No CCJs, defaults, arrears in the 12 months before application.

Contact: 020 8909 8090

Pink Home Loans

Product: Exclusive ‘Clean Slate’ discount mortgage

Funded by: Mortgage Express

Description: 1.26% discount from BBR + 2.25% for a year.

Rate: 4.99%

Max LTV: 90%

Redemption penalty: Six months’ interest at the underlying variable rate until for three years.

Procuration fee: 1% for cases received after 15/7/2002.

Arrangement fee: £399

Other: Unlimited CCJs to £10,000 none in last 12 months, unlimited defaults.

Contact: www.pink.uk.net

Product: Exclusive ‘Clean Slate’ discount mortgage

Funded by: Mortgage Express

Description: 0.5% discount from BBR + 2.25% for the term of the mortgage.

Rate: 5.75%

Max LTV: 90%

Redemption penalty: Six months’ interest at the underlying variable rate for three years.

Procuration fee: 1% for cases received after 15/7/2002.

Arrangement fee: £399

Other: Unlimited CCJs to £10,000, unlimited defaults and bankrupts one year discharged. No CCJs in the last 12 months.

Contact: www.pink.uk.net

Product: Express status discount

Funded by: GMAC

Description: 1.9% discount to 1/9/2004.

Rate: 3.84%

Max LTV: 95%

Redemption penalty: 5% of the amount repaid until 1/9/2004.

Procuration fee: 0.35%

Arrangement fee: £395

Other: MIG triggered at 90% LTV, one CCJ of less than £300 or one months’ arrears in the last 12 months considered, providing either are satisfied at application.

Contact: www.pink.uk.net

FIXED

First National Mortgage Company

Product: Remortgage cash-back fixed rate mortgage

Description: Fixed until November 2004.

Rate: 6.24%

Max LTV: 85%

Redemption penalty: 4%/3%/ 2%/1% in years one to four respectively, then one month’s notice or one month’s interest.

Procuration fee: 0.75%

Arrangement fee: £495

Other: 5% of amount borrowed returned as cashback, SVR, currently 5.74%, is applied after two years if two years’ good repayment regardless of borrower’s lending history. No CCJs, defaults, arrears in the 12 months before application.

Contact: 020 8909 8090

Product: Remortgage cash-back self-cert fixed rate mortgage

Description: Fixed until November 2004.

Rate: 6.49%

Max LTV: 85%

Redemption penalty: 4%/3% /2%/1% in years one to four respectively, then one month’s notice or one month’s interest.

Procuration fee: 0.75%

Arrangement fee: £495

Other: 5% of amount borrowed returned as cashback, SVR, currently 5.74%, is applied after two years if two years’ good repayment regardless of borrower’s lending history. No CCJs, defaults, arrears in the 12 months before application.

Contact: 020 8909 8090

Pink Home Loans

Product: Exclusive ‘Clean Slate’ fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 3/9/2004.

Rate: 6.99%

Max LTV: 90%

Redemption penalty: Six months’ interest at the underlying variable rate until 3/9/2004.

Procuration fee: 1% for cases received after 15/7/2002.

Arrangement fee: £399

Other: Unlimited CCJs to £10,000, unlimited defaults and bankrupts one year discharged. No CCJs in the last 12 months.

Contact: www.pink.uk.net

Yorkshire Building Society

Product: Two-year fixed rate

Description: Fixed until 31/10/2004.

Rate: 4.69%

Max LTV: 75%

Redemption penalty: 3% in years one and two.

Arrangement fee: £325

Other: Free ASU cover for six months, fully flexible, daily interest, under/overpayments allowed without penalty.

Contact: 0845 1200 899

Product: Five-year fixed rate

Description: Fixed for five years from completion date.

Rate: 5.39%

Max LTV: 75%

Redemption penalty: 5%/5%/ 5%/4%/3% in years one to five.

Arrangement fee: £325

Other: Free ASU cover for six months, fully flexible, daily interest, under/overpayments allowed without penalty.

Contact: 0845 1200 899

B&W targets first-time buyers market

Bristol & West has launched a two-year discount mortgage. The product carries an initial rate of 3.79%, with a 2.16% discount of SVR until 30/9/2004.

The mortgage is aimed at the first-time buyer market, which the lender believes is finding the market increasingly difficult. This view is backed by Council of Mortgage Lenders research that first-time buyers have fallen by 10% in the last year and make up just 33% of the market. The product is available at up to 95% LTV.

Neena Kithoray, Bristol & West Mortgages’ senior product manager, said: ‘Bristol & West Mortgages recognises how difficult it is for many people to enter the housing market ‘ especially first-time buyers. As a responsible lender we needed to do all we could to help these people get onto the ladder. We believe this mortgage will not only help first-time buyers, but also people moving house or looking for a good remortgage product.’

The procuration fee is negotiable on this mortgage, and carries an arrangement fee of £299 and early redemption charges of 5% until 30/9/2004.

Contact: 0117 943 7755

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:
third party administrators

Xit2 Xit2, the provider of outsourced process management for lenders, has named Paul Duckworth as ...

Close