BUY TO LET
Exclusive Connections
Product: Buy-to-let discount mortgage
Description: 0.76% discount for three years.
Rate: 4.99%
Max LTV: 85%
Redemption penalty: Six months’ interest at SVR for three years.
Procuration fee: Negotiable
Arrangement fee: £399
Other: Overpayments/under-payments/payment holidays available, full status only, purchase and remortgage, 130% gross rent to cover mortgage.
Contact: 0800 587 7272
Product: Semi-exclusive buy-to-let mortgage
Description: 6% cashback, BBR + 1.89% for life of loan.
Rate: 5.89%
Max LTV: 75%
Redemption penalty: 6%, 5%, 4%, 3%, 2% in years one to five.
Procuration fee: Negotiable
Arrangement fee: £299
Other: No MIG.
Contact: 0800 587 7272
Pink Home Loans
Product: Buy-to-let discount mortgage
Description: 1.76% discount for two years.
Rate: 3.99%
Max LTV: 85%
Redemption penalty: Six months’ interest at the SVR for four years.
Procuration fee: 0.5%, no max.
Arrangement fee: £399
Other: Unlimited properties up to £2m.
Contact: www.pink.uk.net
DISCOUNT
Bristol & West
Product: Five-year discount capped rate mortgage
Description: 1.06% discount off SVR to 30/9/2007, capped at 5.85% to 30/9/2007.
Rate: 4.89%
Max LTV: 95%
Redemption penalty: 5% to 30/9/2004, 4% to 30/9/2006, 3% to 30/9/2007.
Procuration fee: Negotiable
Arrangement fee: £299
Contact: 0117 943 7755
Product: Three-year discount mortgage
Description: BBR + 0.59% to 30/9/2005 (reverts to BBR + 1%).
Rate: 4.59%
Max LTV: 95%
Redemption penalty: 5% to 30/9/2004, 4% to 30/9/2005.
Procuration fee: Negotiable
Arrangement fee: None
Other: No valuation fee, £300 cashback, 4x income multiples.
Contact: 0117 943 7755
Norwich Union
Product: Discount mortgage
Description: 1.2% discount for three years.
Rate: 4.49%
Max LTV: 95%
Redemption penalty: Six months’ interest for first three years.
Arrangement fee: None
Other: Free valuation, £250 cashback for purchases, £250 on remortgages on leaseholds, free legal fees on freehold remortgages to 90% LTV, no MIG to 90%.
Contact: 0845 845 1388
Pink Home Loans
Product: Discount mortgage
Description: 1.66% discount to 31/10/2004.
Rate: 4.29%
Max LTV: 95%
Redemption penalty: 5% of the sum repaid until 31/10/2004 plus a £100 administration fee.
Procuration fee: 0.4%
Arrangement fee: None
Other: Free valuation and £300 cashback, annual interest.
Contact: www.pink.uk.net
Product: Flexible discount tracker
Description: 0.86% discount for six months from completion, then tracks BBR + 0.85%.
Rate: 3.99%
Max LTV: 90%
Redemption penalty: None
Procuration fee: 0.3%, minimum £200, and maximum £3,000.
Arrangement fee: £299
Other: Daily interest, over/under-payments, payment holidays and drawdown available. Available to expatriates.
Contact: www.pink.uk.net
FIXED
Derbyshire BS
Product: Three-year fixed rate mortgage
Description: Fixed until 31/10/2005.
Rate: 4.89% to 80% LTV, 5.29% to 90% LTV, 5.59% to 95% LTV.
Max LTV: 95%
Redemption penalty: 3% to 31/10/2003, 2% to 31/10/2004, 1% to 31/10/2005.
Procuration fee: 0.3% through a network or club (minimum £175, maximum £750), 0.2% for solo broker (minimum £100, maximum £500).
Arrangement fee: £245 for qualifying BS members, £295 for other applicants.
Other: No MIG, daily interest.
Contact: 0845 607 5050
Product: Five-year fixed rate mortgage
Description: Fixed until 31/10/2007.
Rate: 5.09% to 80% LTV, 5.49% to 90% LTV, and 5.79% to 95% LTV.
Max LTV: 95%
Redemption penalty: 4% to 31/10/2004, 3% to 31/10/2005, 2% to 31/10/2006, 1% to 31/10/2007.
Procuration fee: 0.3% through a network or club (minimum £175, maximum £750), 0.2% for solo brokers (minimum £100, maximum £500).
Arrangement fee: £245 for qualifying BS members, £295 for other applicants.
Other: No MIG, daily interest.
Contact: 0845 607 5050
Exclusive Connections
Product: Semi-exclusive sub-prime cashback mortgage
Description: Fixed until 1/10/2005.
Rate: 6.25%
Max LTV: 90%
Redemption penalty: 5% to 1/10/2003, 4% to 1/10/2004, 3% to 1/10/2005.
Procuration fee: Negotiable
Arrangement fee: £299
Other: 1% cashback, CCJs to £5,000 ‘ none in the last six months, two months arrears in the last 12 months, bankrupts discharged one year, daily interest, no MIG.
Contact: 0800 587 7272
Pink Home Loans
Product: Fixed rate mortgage with cashback
Description: Fixed until 1/10/2007.
Rate: 5.39%
Max LTV: 90%
Redemption penalty: 6% to 1/10/2003, 5% to 1/10/2004, 4% to 1/10/2005, 3% to 1/10/2006 and 2% to 1/10/2007.
Procuration fee: 0.25%, minimum £200, maximum £2,500.
Arrangement fee: £299
Other: 6% cashback.
Contact: www.pink.uk.net
Skipton Building Society
Product: Two-year fixed rate mortgage
Description: Fixed until 30/11/2004.
Rate: 3.99%
Max LTV: 95%
Redemption penalty: 5% to 30/11/2004, 4% to 30/11/2005, 3% to 30/11/2006 and 2% to 30/11/2007, up to 10% capital repayment allowed a year without charge.
Procuration fee: Negotiable
Arrangement fee: £350 completion fee.
Other: 0.3% discount in years three and four, 0.5% discount from year five onwards. Free legal fees for remortgages.
Contact: 0800 446776
SELF CERT
Exclusive Connections
Product: Semi-exclusive self-cert sub-prime mortgage
Description: Fixed until 1/10/2005.
Rate: 6.49%
Max LTV: 85%
Redemption penalty: 5% to 1/10/2003, 4% to 1/10/2004, 3% to 1/10/2005.
Procuration fee: Negotiable
Arrangement fee: £299
Other: CCJs to £7,500, three months arrears in the last 12 months, bankrupts discharged, daily interest, no MIG.
Contact: 0800 587 7272
Bristol & West
Product: Five-year fixed rate self-cert mortgage
Description: Fixed until 30/9/2007.
Rate: 5.59%
Max LTV: 85%
Redemption penalty: 7% to 30/9/2003, 6% to 30/9/2005, 5% to 30/9/2007.
Procuration fee: Negotiable
Arrangement fee: £299
Other: MIG for loans over 75% LTV, reverts to BBR + 1.75%.
Contact: 0117 943 7755
Genesis Home Loans
Product: Garnet mortgage
Description: Self-cert 1.25% discount to 31/12/2003, reverts to SVR + 3%.
Rate: 7.49%
Max LTV: 85%
Redemption penalty: 5%, 4%, 3% in first three years, then £95.
Procuration fee: Refer to packager
Arrangement fee: £395
Other: Maximum six months’ arrears in last 12 months, any number of CCJs to £10,000 bankruptcy discharged. No bank statements required.
Contact: 01832 275 044
Mortgage Next
Product: Self-cert fee free discount remortgage
Description: 1.01% discount for two years.
Rate: 4.99%
Max LTV: 90%
Redemption penalty: Six months at SVR for three years.
Procuration fee: 0.6%
Arrangement fee: None
Other: Free valuation, free legals if Mortgage Express-appointed solicitor is chosen.
Contact: 0845 130 2223
SUb PRIME
Exclusive Connections
Product: Semi-exclusive sub-prime mortgage
Description: 6% cashback, BBR + 2.75% for life of loan.
Rate: 6.75%
Max LTV: 75%
Redemption penalty: 6%, 5%, 4%, 3%, 2% in years one to five respectively.
Procuration fee: Negotiable
Arrangement fee: £299
Other: Bankruptcy discharged, unlimited arrears, unlimited CCJs.
Contact: 0800 587 7272
New five-year fixed rate deals from B&W
Bristol & West Mortgages (B&W) has launched two buy-to-let five-year fixed rate deals and has reduced its nominal rate (assumed interest rate) by 1.25% to 6.50%.
All minimum rental yields will be calculated on this rate, except for five-year fixed products, which use the actual rate.
The two new deals are 5.45% fixed until 30/09/2007, £299 booking fee and up to 85% LTV, or 5.55% fixed until 30/9/2007, a £299 arrangement fee and up to 85% LTV.
Neena Kithoray, senior product manager at B&W Mortgages, said: ‘We have listened to customers’ concerns regarding the buy-to-let market and have responded by reducing our nominal rate, so that customers benefit in terms of yield calculations, enabling them to borrow more for their investment.’
She added: ‘By launching two low rate fixed mortgages, customers not only pay a smaller monthly payment, but also benefit from the security a fixed rate mortgage brings in a time of interest rate uncertainty.’
In both cases the early redemption charges are 7% until 30/09/2003, 6% until 30/9/2005, 5% until 30/9/2007. The procuration fee is negotiable.
Contact: 0117 943 7755 or visit
www.bristolandwest4brokers.co.uk
