BUY TO LET
Mercantile Direct
Product: Buy-to-let mortgage
Description: 1% discount to 1/7/2006.
Rate: 4.84%
Max LTV: 75%
Redemption penalty: 30% of amount redeemed, until 01.07.02.
Procuration fee: Registered introducers in North East England only ‘ 0.25%, minimum £150, maximum £250.
Arrangement fee: £295
Contact: 0500 295 500
Pink Home Loans
Product: Exclusive buy-to-let discount tracker
Funded by:Verso
Description: 1.23% discount for three years, tracks BBR + 1.78%.
Rate: 4.55%
Max LTV: 85%
Redemption penalty: 5% of amount repaid for three years, then one month’s notice or one month’s interest.
Procuration fee: 0.25%
Arrangement fee: 1% of advance added to loan.
Other: Daily interest, no MIG.
Contact: www.pink.uk.net
Product: Direct exclusive buy-to-let remortgage
Funded by: Mortgage Express
Description: Fixed to 3/9/2005.
Rate: 5.99%
Max LTV: 85%
Redemption penalty: Six months’ interest at fixed rate until 3/9/2005.
Procuration fee: 0.5% of advance, no maximum.
Arrangement fee: None, but 45-year term is available if interest- only.
Other: Free valuation and free legal fees, overpayment, under-payment and drawdown available.
Contact: www.pink.uk.net
DISCOUNT
Chelsea Building Society
Product: Fee-free discount remortgage
Description: Three-year 1% discount.
Rate: 4.69%
Max LTV: 95%
Redemption penalty: 3% of the amount redeemed for the first three years unless taking out another Chelsea mortgage.
Procuration fee: Existing arran-gements apply ‘ contact society.
Arrangement fee: None
Other: £200 contribution to legal fees.
Contact: 08702 404 808
Genesis Home loans
Product: Aquamarine mortgage
Description: Full status discount of 1.25% until 31/12/2003.
Rate: 6.99%
Max LTV: 95%
Redemption penalty: 5% year one, 4% year two, and 3% in year three, thereafter £95.
Procuration fee: Contact packager.
Arrangement fee: £395
Other: MIG 6% over 75% LTV, maximum two months’ arrears in last 12, none in last six months, any number of CCJs to £3,000, bankruptcy discharged for one year.
Contact: 01832 275 044
Market Harborough BS
Product: Lifetime discount
Description: 1% discount for life of loan.
Rate: 4.74%
Max LTV: 90%
Redemption penalty: One month’s interest or one month’s notice for the life of the loan.
Procuration fee: £300 plus £75 if the LTV is less than 75% and the loan is more than £75,000.
Arrangement fee: £295
Other: Three months’ free ASU.
Contact: 01858 463 244
Product: 3-2-1 discount mortgage
Description: 3% discount in year one, 2% discount in year two, 1% discount in year three.
Rate: 2.74%
Max LTV: 90%
Redemption penalty: Six, five, four, three, two months’ interest in years one to five respectively.
Procuration fee: £300 plus £75 if the LTV is less than 75% and the loan is more than £75,000.
Arrangement fee: £295
Other: Three months’ free ASU.
Contact: 01858 463 244
Mortgage Next
Product: Discount mortgage
Funded by: Bristol & West
Description: 1.6% discount for three years.
Rate: 4.35%
Max LTV: 95%
Redemption penalty: 5% of sum repaid until 31/10/2004 4% until 31/10/2005, plus £100 admin fee.
Procuration fee: 0.4% min £200.
Arrangement fee: £249
Other: MIG free, reverts to SVR for term.
Contact: 0845 130 2223
Norwich Union
Product: Discount mortgage
Funded by: NatWest
Description: 2.5% discount until 30/9/2002, followed by a 1.25% discount until 30/9/2005.
Rate: 3.45%
Max LTV: 95%
Redemption penalty: Repay-ment of discount until 30/9/2005.
Procuration fee: 0.45%, minimum £275, maximum £2,000.
Arrangement fee: £195
Contact: 0845 845 1388
Pink Home Loans
Product: Exclusive discount mortgage
Description: 3.44% discount for two years from completion.
Rate: 2.51%
Max LTV: 95%
Redemption penalty: 5% of amount repaid for two years, 4% for two years, 3% for one year, plus £100 administration fee.
Procuration fee: 0.25% minimum £100.
Arrangement fee: £299
Other: Annual interest, MIG trigger 85% LTV, but calculated from 75%.
Contact: www.pink.uk.net
FIXED
Bristol & West
Product: Five-year fixed rate mortgage
Description: Fixed until 30/9/2007.
Rate: 4.89%
Max LTV: 95%
Redemption penalty: 7% until 30/9/2003, 6% until 30/9/2005, 5% until 30/9/2007.
Procuration fee: Negotiable
Arrangement fee: £299
Other: Reverts to BBR + 1%.
Contact: 0117 943 7755
Chelsea Building Society
Product: Fixed rate mortgage
Description: Fixed until 30/11/2004.
Rate: 4.69%
Max LTV: 95%
Redemption penalty: 3% of the amount redeemed until end of fixed rate period unless taking out another Chelsea mortgage.
Procuration fee: Existing arrangements apply ‘ contact society.
Arrangement fee: £245
Contact: 08702 404 808
Product: Fixed rate mortgage
Description: Fixed until 30/11/2004.
Rate: 3.99%
Max LTV: 95%
Redemption penalty: 3% of the amount redeemed until 30/11/2005 unless taking out another Chelsea mortgage.
Procuration fee: Existing arran-gements apply ‘ contact society.
Arrangement fee: £245
Contact: 08702 404 808
Market Harborough BS
Product: Fixed rate mortgage
Description: Choice of rates fixed for two years.
Rate: 3.2%, 4.49%, 4.99%, 5.74% with three, two, one and no extended penalty period respectively.
Max LTV: 90%
Redemption penalty: Six months in years three, two, one and fixed rate period only dependent on rate chosen.
Procuration fee: £300 plus £75 if the LTV is less than 75% and the loan is more than £75,000.
Arrangement fee: £295
Other: Three months’ free ASU.
Contact: 01858 463 244
Product: Fixed rate/discount mortgage
Description: Fixed for two years then a 1% discount for three years.
Rate: 4.74%
Max LTV: 80%
Redemption penalty: Six months’ interest during first five years, then one month’s notice or interest, 10% redemptions allowed a year without penalty.
Procuration fee: £300 plus £75 if the LTV is less than 75% and the loan is more than £75,000.
Arrangement fee: £295
Other: Three months’ free ASU.
Contact: 01858 463 244
SELF CERT
Genesis Home loans
Product: Turquoise mortgage
Description: Self-cert discount of 1.25% until 31/12/2003.
Rate: 7.49%
Max LTV: 90%
Redemption penalty: 5% year one, 4% year two, and 3% in year three, thereafter £95.
Procuration fee: Contact packager.
Arrangement fee: £395
Other: MIG 6% over 75% LTV, Max two months’ arrears in last 12, none in last six months, any no of CCJs to £3,000, bankrupt discharged one year.
Contact: 01832 275 044
The Mortgage Operation
Product: Self-cert discount mortgage
Description: 1.09% discount for two years.
Rate: 4.89%
Max LTV: 85%
Redemption penalty: None
Procuration fee: 0.5% minimum £350.
Arrangement fee: Standard TMO submission fee scale.
Other: Daily interest, purchase or remortgage, MIG from 70%.
Contact: 0845 130 3888
Product: Self-cert discount cashback mortgage
Description: 0.76% discount for two years.
Rate: 4.99%
Max LTV: 85%
Redemption penalty: 5% of amount redeemed in year one, 4% in year two.
Procuration fee: 0.5%, £200 minimum, £5,000 maximum.
Arrangement fee: Standard TMO submission fee scale, £299 completion fee.
Other: £450 cashback paid on completion plus £550 cashback, provided the case completes before 31/12/2002.
Contact: 0845 130 3888
Pink Home Loans
Product: Flexible self-cert discount mortgage
Description: 2.65% discount for six months.
Rate: 2.73%
Max LTV: 85%
Redemption penalty: None
Procuration fee: 0.45%
Arrangement fee: £325
Other: MIG at 70%, drawdown, overpayment, underpayment, payment holidays allowed.
Contact: www.pink.uk.net
Buildstore and Skipton team up
Self-build specialist BuildStore has expanded its panel of lenders on its BuildLoan self-build mortgage lending panel to include Skipton Building Society.
It is offering a exclusive flexible two-year stepped discount mortgage. The first year has a 1.3% discount, with a rate of 4.4%, followed by a 0.3% discount in years two to four and a 0.5% discount from year five onwards, due to Skipton’s loyalty scheme.
Up to 95% of land and building costs may be borrowed and this product has a final LTV ratio of 95%. For LTVs of less than 75% income multiples of 4x single and 4x + 1 or 3.25x joint are available.
Raymond Connor, managing director of BuildStore, said: ‘We are delighted a lender of Skipton’s calibre has become a lending partner. With the growth we are seeing in self-build, we believe this market holds huge potential for advisers ‘ giving self-build the potential to become the next buy-to-let.’
The product has a redemption penalty of 2% for the first three years and carries a £195 arrangement fee. For procuration fees contact BuildLoan.
Contact: 0870 870 9499
