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Product round-up

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  • 27/09/2002
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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 flexx

Description: Flexible buy to let.

Rate: 5.99%

Max LTV: 85%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £325

Other: £50 mortgage admin-istration fee, never more than 3% above BBR, discounted legal fees available, valuation fee payable.

Contact: 0845 766 5522

Product: Fixed rate buy to let

Description: Fixed to 30/9/2007.

Rate: 6.49%

Max LTV: 85%

Redemption penalty: Six months’ interest to 30/9/2007.

Procuration fee: Negotiable

Arrangement fee: £325

Other: £50 mortgage admin- istration fee, discounted legal fees available, valuation fee payable.

Contact: 0845 766 5522

Northern Rock

Product: Buy-to-let fixed rate mortgage

Description: Fixed to 1/12/2004.

Rate: 3.29%

Max LTV: 75%

Redemption penalty: 3%/6%/ 4%/3%/2%1% of amount repaid in the first six years, 15% capital repayment allowed annually without penalty.

Procuration fee: 0.3%, minimum £175.

Arrangement fee: £495

Other: Rate will always be the lower of BBR + 1.99% or SVR, annual interest.

Contact: 0845 600 1516

Product: Buy-to-let BBR tracker

Description: BBR + 1.5% to 1/12/2007.

Rate: 5.5%

Max LTV: 75%

Redemption penalty: None

Procuration fee: 0.3%, minimum £175.

Arrangement fee: £495

Other: Annual interest, portable.

Contact: 0845 600 1516

Pink Home Loans

Product: Exclusive buy-to-let discount mortgage

Funded by: Mortgage Express

Description: 0.55% discount for three years.

Rate: 5.2%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.5%

Arrangement fee: £399

Other: No MIG, overpay, underpay and drawdown available.

Contact: www.pink.uk.net

CAPPED

Coventry Building Society

Product: Capped rate mortgage

Description: Capped at 5.85% to 30/9/2007.

Rate: 4.85%

Max LTV: 95%

Redemption penalty: Six months’ interest to 30/9/2007.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Minimum rate payable is 3.85%, discounted legal fees for remortgagers.

Contact: 0845 766 5522

Product: Capped rate mortgage

Description: Capped at 5.75% to 30/9/2005.

Rate: 4.49%

Max LTV: 95%

Redemption penalty: Six months’ interest to 30/9/2005.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Minimum rate payable is 3.5%, free remortgage transfer service, free valuation.

Contact: 0845 766 5522

DISCOUNT

Exclusive Connections

Product: Exclusive self-cert remortgage

Funded by: The Mortgage Business

Description: 0.6% discount to 2003 (BBR + 0.89%).

Rate: 4.89%

Max LTV: 85%

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

Procuration fee: Negotiable

Arrangement fee: £299

Other: Up to three CCJs to £1,000, subject to explanation, MIG from 70.01%, daily interest.

Contact: 0800 587 7272

GMAC-RFC

Product: STAR self-cert discount mortgage

Description: 1.5% discount up to 75% LTV, 1% discount to 85% LTV, both to 1/1/2004.

Rate: 4.24%/4.74%

Max LTV: 85%

Redemption penalty: 3% in year one, 2% in year two, up to 25% partial redemption allowed without penalty.

Procuration fee: 0.5%

Arrangement fee:£395

Other: No income statement and no references required, no MIG.

Contact: 01344 477 477

Pink Home Loans

Product: Exclusive 100% and discount for two years.

Funded by: Mortgage Express

Description: 1.55% discount

Rate: 4.45% (underlying rate of BBR + 1.75% to 95% LTV, BBR + 2% to 105% LTV).

Max LTV: 105%

Redemption penalty: Six months’ interest at SVR for three years.

Procuration fee: 0.3%

Arrangement fee: £325

Other: No MIG, up to one CCJ or default allowed, must be satisfied for at least 12 months.

Contact: www.pink.uk.net

Product: Direct exclusive fees free remortgage

Funded by: Mortgage Express

Description: 0.39% discount for one year.

Rate: 4.6%

Max LTV: 95%

Redemption penalty: None

Procuration fee: 0.3%

Arrangement fee: None

Other: Free valuation and legal fees, no MIG, up to one CCJ or default allowed must be satisfied at least 12 months.

Contact: www.pink.uk.net

Skipton Building Society

Product: Flexible two-year discount remortgage

Description: 2.25% discount of year one, 1% discount in year two, 0.3% in year three and four, 0.5% from five onwards.

Rate: 3.45%

Max LTV: 95%

Redemption penalty: 4% in year one, 3% in year two, 2% in year three and 1% in year four, up to 10% annual capital repayment allowed annually without penalty.

Procuration fee: Negotiable, extra £100 for cases before 31/12/2002.

Arrangement fee: None

Other: Free legal fees (£250 cashback in Scotland).

Contact: 0800 446776

FIXED

Genesis Home loans

Product: Columbia fixed rate mortgage

Description: Fixed to 1/9/2004.

Rate: 5.99%

Max LTV: 85%

Redemption penalty: 6%/5%/ 4% in years one to three respectively, then one month’s notice or interest.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: First-time buyers acceptable, maximum three missed mortgage payments in previous 12, any number of CCJs to £7,500 in last three years, bankruptcy cleared more than one year.

Contact: 01832 275 044

Product: Discovery fixed rate

Description: Fixed to 1/9/2004.

Rate: 5.74%

Max LTV: 90%

Redemption penalty: 6%/5%/ 4% in years one to three respectively, then one month’s notice or interest.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: Available to first-time buyers, maximum two missed mortgage payments in previous 12, any number of CCJs to £3,000 in last three years, bankruptcy cleared more than one year.

Contact: 01832 275 044

Product: Endeavour self-cert, or buy-to-let fixed rate mortgage

Description: Fixed until 1/9/2004.

Rate: 6.49%

Max LTV: 85% self-cert/ 80% buy to let/75% self-cert buy to let.

Redemption penalty: 6%/5%/ 4% in years one to three respectively, then one month’s notice or interest.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: First-time buyers not acceptable on buy to let, maximum three missed mortgage payments in previous 12, any number of CCJs to £7,500 in last three years, bankruptcy cleared more than one year.

Contact: 01832 275 044

GMAC-RFC

Product: STAR self-cert fixed rate mortgage

Description: Fixed to 1/1/2005.

Rate: 5.49% to 75% LTV, 5.89% to 85% LTV.

Max LTV: 85%

Redemption penalty: 5% of amount redeemed until 1/1/2005.

Procuration fee: 0.5%

Arrangement fee: £395

Other: No income statement required, no MIG, no references.

Contact: 01344 477 477

Norwich & Peterborough

Product: Fixed rate mortgage

Description: Fixed for 10 years.

Rate: 5.24%

Max LTV: 90%

Redemption penalty: 5% of the current balance in the first seven years, 4% in year eight, 3% in years nine and 10.

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

Arrangement fee: £325

Other: Flexible features include overpayments to fund payment holidays and underpayments.

Contact: 0845 300 3444

Product: Fixed rate mortgage

Description: Fixed for five years.

Rate: 4.98% to 90% LTV, 5.18% to 95% LTV.

Max LTV: 90%

Redemption penalty: 5% of the current balance in the first seven years, 4% in year eight, 3% in years nine and 10.

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

Arrangement fee: £325

Other: Flexible features include overpayments to fund payment holidays and underpayments.

Contact: 0845 300 3444

New fixed rate range launched by Preferred

Non-conforming lender Preferred Mortgages, has announced the release of its new range of fixed rate products.

Available from 9 September, rates start from only 5.49%, rising to 7.49%, fixed until 31/10/2003. The rates are available to customers that do not meet conventional high street lending criteria. The loan can accommodate any level of adverse credit, any number of CCJs, any amount of arrears, bankruptcy discharged and IVAs that have been well conducted for six months.

The mortgage is available at up to 85% LTV. Early redemption penalties on the range are set at 6% in years one, two and three, with 1% payable thereafter.

Simon Biddle, marketing development manager for Preferred, said: ‘Our new fixed rate products offer some of the lowest available rates to credit impaired borrowers.’

The range attracts an arrangement fee of £495. A high LTV fee of 5% applies to loans of between 75% and 80% LTV, and 5.5% on those from 80% to 85% LTV. Procuration fees for advisers are negotiable.

Contact: 01444 44 77 50

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