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Product round-up

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  • 05/09/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY TO LET

Bristol & West

Product: Five-year fixed rate buy-to-let mortgage

Description: Fixed until 30/9/2007.

Rate: 5.59%

Max LTV: 85%

Redemption penalty: 7% until 30/09/03, 6% until 30/9/2005 and 5% until 30/9/2007, plus £100 administration fee.

Procuration fee: Negotiable

Arrangement fee: £399

Contact: 0117 943 7755

Britannic Money

Product: Two-year fixed rate buy-to-let mortgage

Description: Fixed until 30/9/2004.

Rate: 5.25%

Max LTV: 85% (up to 80% if self-cert option is taken).

Redemption penalty: 3% in year one and 2% in year two on full redemption.

Procuration fee: 0.5%

Arrangement fee: 1%

Other: Reverts to Libor + 1.4% up to 80% LTV or Libor + 1.75% to 85% LTV, self-cert option Libor + 1.65%.

Contact: 08457 743 743

Product: Three-year fixed rate buy-to-let mortgage

Description: Fixed until 30/9/2005.

Rate: 5.69%

Max LTV: 85% (up to 80% if self-cert option is taken).

Redemption penalty: 3% in year one, 2.5% in year two and 2% in year three on full redemption.

Procuration fee: 0.5%

Arrangement fee: 1%

Other: Reverts to Libor + 1.4% up to 80% LTV or Libor + 1.75% to 85% LTV, self-cert option Libor + 1.65%.

Contact: 08457 743 743

Genesis Home loans

Product: Prospector buy-to-let fixed rate mortgage

Description: Fixed until 1/9/2004.

Rate: 5.99% to 75% LTV or 6.39% to 85% LTV.

Max LTV: 85%

Redemption penalty: 5% charge on amount redeemed, full or partial redemption, until 1/9/2004.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: No MIG, unlimited number of loans up to £1m.

Contact: 01832 275 044

Pink Home Loans

Product: Buy-to-let tracker discount mortgage

Funded by: Derbyshire BS

Description: 0.8% above base rate for four years.

Rate: 4.8%

Max LTV: 80%

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

Procuration fee: 0.25%

Arrangement fee: £475

Other: Free valuation, maximum three properties, minimum income £25,000. Can move to a fixed rate product in the first four years without penalty.

Contact: www.pink.uk.net

CASH BACK

Exclusive Connections

Product: Trio semi-exclusive self-cert

Description: 6% cashback base rate + 1.89% tracker.

Rate: 5.89%

Max LTV: 85%

Redemption penalty: 6%/5%/ 4%/3%/2% of amount repaid in years one to five respectively.

Procuration fee: Negotiable

Other: Daily interest, no MIG.

Contact: 0800 587 7272

Product: Trio semi-exclusive self-cert

Description: 5% cashback base rate + 1.89% tracker.

Rate: 5.89%

Max LTV: 85%

Redemption penalty: 6%/5%/ 4%/3%/2% of amount repaid in years one to five respectively.

Procuration fee: Negotiable

Other: Daily interest, no MIG.

Contact: 0800 587 7272

Product: Trio semi-exclusive self-cert

Description: 4% cashback base rate + 1.89% tracker.

Rate: 5.89%

Max LTV: 85%

Redemption penalty: 4%/3%/ 2% of amount repaid in years one to three respectively.

Procuration fee: Negotiable

Other: Daily interest, no MIG.

Contact: 0800 587 7272

DISCOUNT

Bristol & West

Product: Five-year capped rate discount mortgage

Description: Capped at 5.85% to 30/9/2007 with a 1.06% discount to 30/9/2007.

Rate: 4.89%

Max LTV: 95%

Redemption penalty: 5% until 30/9/2004 then 4% until 30/9/2006 then 3% until 30/9/2007.

Procuration fee: Negotiable

Arrangement fee: £299

Contact: 0117 943 7755

The Derbyshire

Product: Tracker discount mortgage

Description: Two-year discount BBR minus 0.1% tracker for two years, reverts to SVR.

Rate: 3.99%

Max LTV: 80%

Redemption penalty: 2% of amount repaid in first two years.

Procuration fee: 0.3% through a network or club (minimum £175, maximum £750), 0.2% for solo broker (minimum £100, maximum £500).

Arrangement fee: £195 for qualifying members and £295 for other applicants.

Other: Daily interest, no MIG valuation fee waived.

Contact: 0845 607 5050

Genesis Home Loans

Product: Pathfinder self-cert discount mortgage

Description: 1.25% discount at 75% LTV until 1/9/2003, 0.75% discount at 85% LTV until 1/9/2003 or 0.25% discount at 90% LTV, until 1/9/2002.

Rate: From 4.49% (SVR is 5.74%).

Max LTV: 90%

Redemption penalty: 3%/2% in first two years, 25% can be redeemed annually with no penalty.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: No references or income details required on application form.

Contact: 01832 275 044

Pink Home Loans

Product: Exclusive adverse discount mortgage

Funded by: Amber Homeloans

Description: 1% discount to 31/10/2004.

Rate: 5.18% full status, 5.68% self-cert.

Max LTV: 85%

Redemption penalty: 5%/4%/ 3% in years one to three respectively. Up to 10% can be repaid each year without penalty.

Procuration fee: 1%

Arrangement fee: £395

Other: Unlimited CCJs to £10,000, up to three missed payments in last 12 months, or one in last six.

Contact: www.pink.uk.net

Product: Exclusive self-cert discount mortgage

Funded by: Amber Homeloans

Description: 2.5%/2.25%/ 1.75% discount to 75%, 85% and 90% LTV respectively ‘ all until 31/10/2003.

Rate: 3.39%, 3.64% or 4.14%.

Max LTV: 90%

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

Procuration fee: 0.5%

Arrangement fee: £295

Other: No first-time buyers or adverse credit.

Contact: www.pink.uk.net

FIXED

Bristol & West

Product: Five-year fixed rate

Description: Fixed until 30/9/2007.

Rate: 5.19%

Max LTV: 95%

Redemption penalty: 7% until 30/9/2003, 6% until 30/9/2005 and 5% until 30/9/2007, plus £100 administration fee.

Procuration fee: Negotiable

Arrangement fee: £299

Contact: 0117 943 7755

Britannic Money

Product: Two-year fixed rate residential mortgage

Description: Fixed until 30/9/2004.

Rate: 4.75%

Max LTV: 95% (up to 85% if self-cert option is taken).

Redemption penalty: 2% on full redemption for fixed period.

Procuration fee: 0.35%

Arrangement fee: £299

Other: Underlying variable rate is 5.89%.

Contact: 08457 743 743

Product: Three-year fixed rate residential mortgage

Description: Fixed until 30/9/2005.

Rate: 5.29%

Max LTV: 95% (up to 85% if self-cert option is taken).

Redemption penalty: 2% on full redemption for fixed rate period.

Procuration fee: 0.35%

Arrangement fee: £299

Other: Underlying variable rate is 5.89%.

Contact: 08457 743 743

Genesis Home loans

Product: Challenger self-cert fixed rate mortgage

Description: Fixed until 1/9/2004.

Rate: 5.89% to 75% LTV or 6.29% to 85% LTV.

Max LTV: 85%

Redemption penalty: 5% on the amount redeemed until 1/9/2004.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: No MIG.

Contact: 01832 275 044

Norwich & Peterborough

Product: One-year fixed rate mortgage

Rate: 4.19%

Max LTV: 90%

Redemption penalty: Six months’ interest in the first year.

Procuration fee: 0.25%, minimum £125, maximum £1,000.

Arrangement fee: £325

Other: Flexible features (Under/overpayments and holiday repayments, no compulsory insurance.

Contact: 0845 300 3444

overseas

Norwich & Peterborough

Product: Spanish fixed rate mortgage

Description: Fixed for two years.

Rate: 4.49%

Max LTV: 75%

Redemption penalty: Six months’ interest in first five years.

Procuration fee: 0.25%, minimum £125, maximum £1,000.

Arrangement fee: From £375.

Other: Advance and repayments in sterling from a UK account.

Contact: 0845 300 3444

Low start deal from the FNMC

First National Mortgage Company (FNMC) has launched a new ˜Low Start’ discount mortgage offering a 1.25% discount for six months, giving a rate of 4.49%. The product is available for those with up to £3,000 worth of CCJs, but no arrears or defaults in the last 12 months on the same terms as FNMC’s standard range. It is not available for buy-to let or self-cert borrowing.

Available up to 90% LTV the mortgage carries redemption penalties of six months’ interest if the mortgage is redeemed in the first three years. The mortgage reverts to SVR, currently 5.99%.

Gerry Bell, marketing manager at FNMC, said: ‘The launch of this product provides customers with the option of minimising their monthly payments in the crucial early months of the mortgage. It is also tangible evidence of FNMC’s ongoing commitment to update our product range to ensure customers have access to highly competitive deals. The new ˜Low Start’ deal comes hot on the heels of the enhanced remortgage cashback product and the extension of our Fresh Start range.’

The mortgage carries an arrangement fee of £395 and will pay a procuration fee to introducers of 1%.

Contact: 020 8909 8090

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