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Product round-up

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  • 07/10/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY TO LET

Exclusive Connections

Product: Exclusive buy-to-let mortgage

Funded by: Mortgage Express

Description: Fixed until 3/12/2003.

Rate: 2.99%

Max LTV: 85%

Redemption penalty: Six months’ interest at the fixed rate until 3/12/2005.

Procuration fee: Negotiable

Arrangement fee: £325

Other: Flexible options available, full status only.

Contact: 0800 587 7272

Product: Exclusive buy-to-let mortgage

Funded by: Mortgage Express

Description: Fixed until 3/12/2007.

Rate: 5.75%

Max LTV: 85%

Redemption penalty: Six months’ interest at the fixed rate until 3/12/2007.

Procuration fee: Negotiable

Arrangement fee: £399

Other: Flexible options available, full status only.

Contact: 0800 587 7272

Product: Exclusive buy-to-let mortgage

Funded by: Mortgage Express

Description: 0.55% discount for three years.

Rate: 5.2%

Max LTV: 85%

Redemption penalty: No tie-ins or redemption penalties.

Procuration fee: Negotiable

Arrangement fee: £399

Other: Flexible options available, full status only.

Contact: 0800 587 7272

Genesis Home Loans

Product: Prospector buy-to-let tracker mortgage

Description: Three-month Libor + 0.75% to 75% LTV, three-month Libor + 1.15% to 85% LTV.

Rate: 4.76% or 5.16%.

Max LTV: 85%

Redemption penalty: 4%/3%/ 2%/1% on first four years, nil thereafter.

Arrangement fee: £395

Other: No MIG

Contact: 01832 275 044

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: Minimum 0.5%, no maximum.

Arrangement fee: £399

Other: Any number of properties up to £2m, income 130% at discount rate on interest-only basis.

Contact: www.pink.uk.net

CAPPED

Coventry Building Society

Product: Five-year capped rate

Description: Capped at 5.8% until 31/12/2007.

Rate: 4.75%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/12/2007.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Free remortgage transfer, minimum rate payable 3.8%.

Contact: 0845 766 5522

Product: Five-year capped rate remortgage

Description: Capped at 5.8% until 31/12/2007.

Rate: 4.75%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/12/2007.

Procuration fee: Negotiable

Arrangement fee: £195

Other: Free remortgage transfer service, free valuation, minimum rate payable 3.8%.

Contact: www.remortgages.co.uk

DISCOUNT

Mortgage Next

Product: Discount mortgage

Funded by: Bristol & West

Description: 2% discount off SVR to 30/11/2004.

Rate: 3.95%

Max LTV: 95%

Redemption penalty: 5% until 30/11/2004, plus £100 admin fee.

Procuration fee: 0.3%, minimum £300.

Arrangement fee: None

Other: Free mortgage valuation report up to £750,000.

Contact: 0845 130 2223

Pink Home Loans

Product: Discount cashback mortgage

Funded by: Leeds & Holbeck BS

Description: 1.8% discount for two years.

Rate: 3.95%

Max LTV: 95%

Redemption penalty: Six months’ interest at SVR (currently 5.75%) in year one, four months’ interest at SVR in year two.

Procuration fee: 0.3%, minimum £150.

Arrangement fee: None

Other: £250 cashback, free legal fees for remortgage if in-house solicitor is used.

Contact: www.pink.uk.net

Product: Exclusive two-year discount mortgage

Funded by: Lambeth BS

Description: 3.96% discount for two years.

Rate: 1.99%

Max LTV: 95%

Redemption penalty: 5% of amount repaid for five years.

Procuration fee: 0.25%, maximum £600.

Arrangement fee: £295

Other: Higher lending fee from 90%, up to 10% capital repayment in 12 months without penalty, annual interest, no adverse credit.

Contact: www.pink.uk.net

Product: Exclusive two-year discount mortgage

Funded by: Lambeth BS

Description: 2.25% discount for two years.

Rate: 3.7%

Max LTV: 95%

Redemption penalty: 5% of amount repaid for five years.

Procuration fee: 0.2%, maximum £600.

Arrangement fee: £295

Other: Higher lending fee from 90%, up to 10% capital repayment in 12 months without penalty, annual interest, no adverse credit.

Contact: www.pink.uk.net

Skipton Building Society

Product: Flexible base rate tracker mortgage

Description: 0.5% discount for one year, then BBR + 1% for three years, reverts to SVR with 0.5% discount to end of term.

Rate: 3.5%

Max LTV: 95%

Redemption penalty: 4% in year one, 3% in year two, 2% in year three and 1% in year four.

Procuration fee: Negotiable

Arrangement fee: £125

Other: No conditional assur-ances, no MIG below 90%, daily interest, overpayments and payment holidays, up to 10% capital repayment allowed each year without penalty, free legal fees for remortgages (£250 cashback in Scotland).

Contact: 0800 446 776

FIXED

Coventry Building Society

Product: Five-year fixed rate mortgage

Description: Fixed until 31/12/2007.

Rate: 5.25%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/12/2007.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Discounted legal fees.

Contact: 0845 766 5522

Exclusive Connections

Product: Exclusive self-cert fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 3/12/2004.

Rate: 5.25%

Max LTV: 90%

Redemption penalty: Six months’ interest at SVR until 3/12/2004.

Procuration fee: Negotiable

Arrangement fee: £325

Other: MIG free, debt consolidation up to 80% for any legal purpose.

Contact: 0800 587 7272

Product: 100%+ fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 3/12/2005.

Rate: 5.45%

Max LTV: 105% (102% for first-time buyers).

Redemption penalty: Six months’ interest at the fixed rate to 3/12/2005.

Procuration fee: Negotiable

Arrangement fee: £325

Other: No MIG, purchase only, flexible options available.

Contact: 0800 587 7272

Bristol & West

Product: Fixed rate fees assisted mortgage

Description: Fixed until 31/12/2007.

Rate: 4.75%

Max LTV: 95%

Redemption penalty: 7% until 31/12/2003, 6% until 31/12/2005, 5% until 31/12/2007.

Procuration fee: Negotiable

Arrangement fee: None

Other: No valuation fee, no MIG.

Contact: 0117 943 7755

Leeds & Holbeck BS

Product: Three-year fixed rate mortgage

Description: Fixed until 1/11/2005.

Rate: 4.99%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Refer to lender.

Arrangement fee: None on applications before 31/10/2002, otherwise £299.

Other: No MIG to 90%, £200 cashback on completions for applications made by 31/10/2002.

Contact: 0121 643 6741

Pink Home Loans

Product: Exclusive 100% fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed to either 3/12/2004, 3/12/2005, or 3/12/2007.

Rate: 4.65%, 5.45% or 5.59%.

Max LTV: 105%, maximum for first-time buyers is 102%.

Redemption penalty: Six months’ interest at SVR to 3/12/2005, six months’ interest at fixed rate to 3/12/2005, or six months’ interest at fixed rate to 3/12/2007.

Procuration fee: 0.3%

Arrangement fee: £325

Other: Monthly interest, no MIG, up to one CCJ ‘ satisfied for 12 months, no arrears.

Contact: www.pink.uk.net

New 10-year fixed deal from Coventry BS

Coventry Building Society has launched a 10-year fixed rate mortgage set at 5.39% until 31/12/2012. The product is available for purchase and remortgage, up to 95% LTV and includes a free valuation.

Martin Ritchley, chief executive at Coventry BS, said: ‘With interest rates at their lowest level in living memory, we recognise the prospect of a long-term fixed rate account will suit those customers looking for stability and protection against rate rises in the future.

‘Even those borrowers who plan to move house within the next 10 years can benefit from long-term certainty, as the product is fully portable. This is a good value deal which will be available for a limited period, so I would urge borrowers to apply without delay.’

Borrowers have the option of paying up to 5% a year without any penalty. The product attracts an early redemption penalty, which is set at nine months’ interest to 31/12/2007 then six months’ interest to 31/12/2012.

There is an arrangement fee of £325 which is added on completion, and procuration fees are negotiable.

Contact: 0845 766 5522

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