You are here: Home - News -

Product round-up

by:
  • 21/10/2002
  • 0
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 31/12/2007.

Rate: 5.75%

Max LTV: 85%

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

Procuration fee: Refer to lender.

Arrangement fee: None

Other: Remortgages only, free legal fees.

Contact: 0117 943 7878

Product: Three-year tracker buy-to-let mortgage

Description: BBR + 1.29% until 31/12/2005.

Rate: 5.29%

Max LTV: 85%

Redemption penalty: 5% to 31/12/2004, 4% to 31/12/2005.

Procuration fee: Refer to lender.

Arrangement fee: None

Other: Remortgages only, free legal fees.

Contact: 0117 943 7878

Britannic Money

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

Description: Fixed until 30/9/2005.

Rate: 4.76%

Max LTV: 85%

Redemption penalty: 3% in year one, 2% in year two ‘ upon full redemption.

Procuration fee: 0.5%

Arrangement fee: 1% or minimum of £500.

Other: Overpayments and payment holidays allowed, reverts to Libor + 1.5%.

Contact: 08457 743 743

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

Description: Fixed until 30/5/2006.

Rate: 4.76%

Max LTV: 85%

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

Procuration fee: 0.5%

Arrangement fee: 1% or minimum of £500.

Other: Overpayments and payment holidays, reverts to three-month Libor + 1.5%.

Contact: 08457 743 743

Pink Home Loans

Product: Buy-to-let fixed rate mortgage

Funded by: Verso

Description: Fixed to 1/10/2012.

Rate: 5.78%

Max LTV: 85%

Redemption penalty: 5% of the amount repaid to 1/10/2007, then 2.5% to 1/10/2012, then one month’s notice or interest.

Procuration fee: 0.25%

Arrangement fee: 1%

Other: No MIG, daily interest.

Contact: www.pink.uk.net

Product: Direct exclusive buy-to-let fee-free remortgage

Funded by: Mortgage Express

Description: 0.26% discount for three years.

Rate: 5.49%

Max LTV: 85%

Redemption penalty: Six months’ interest at underlying variable rate for three years.

Procuration fee: 0.5%

Arrangement fee: None

Other: No valuation fee, free legal fees if Mortgage Express lawyer is used, no MIG, monthly interest.

Contact: www.pink.uk.net

DISCOUNT

Alliance & Leicester

Product: Two-year discount mortgage

Description: 1.5% discount for two years, followed by lifetime base rate tracker.

Rate: Initial rate of 2.55%.

Max LTV: 95%

Redemption penalty: 1.5% in year one, then 3%, 2.4%, 1.8%, 1.2% and 0.6% in years two to six.

Procuration fee: Refer to lender.

Other: No arrangement fee, and £250 cashback.

Contact: 0845 303 3000

Knight Funding

Product: Sub-prime discount mortgage

Funded by: SPML

Description: 2.5% discount to 1/9/2003, then 1.5% discount to 1/6/2004.

Rate: 4.75% to 6.5% depending on level of adverse.

Max LTV: 90%

Redemption penalty: 6% for three years, then 1% or one month’s notice.

Procuration fee: 1%

Arrangement fee: £395

Other: Self-cert available, CCJs, IVAs and bankruptcies allowed under various permutations.

Contact: 01980 625 111

Mortgage Next

Product: Fee-free discount remortgage

Funded by: Royal Bank of Scotland

Description: 1.26% discount until 1/12/2004.

Rate: 4.69%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.25% up to £75,000, 0.4% up to £150,000, 0.5% up to £250,000, minimum £250.

Arrangement fee: None

Other: No valuation fees if using the bank’s nominated valuer or solicitor, daily interest.

Contact: 0845 130 2223

FIXED

Genesis Home Loans

Product: Columbia non-conforming fixed rate

Funded by: GMAC-RFC

Description: Fixed until 1/1/2005, full status.

Rate: 5.99%

Max LTV: 85%

Redemption penalty: 6% during fixed rate period, one month’s interest or notice thereafter.

Procuration fee: Refer to Genesis ‘ appointed packager.

Arrangement fee: £395

Other: No MIG, CCJs to £7,500 in last three years, three missed pay-ments in last 12 months, bank-rupts discharged more than a year.

Contact: 01832 275 044

Product: Discovery non-conforming fixed rate

Funded by: GMAC-RFC

Description: Fixed until 1/1/2005, full status.

Rate: 5.69%

Max LTV: 90%

Redemption penalty: 6% during fixed rate period, one month’s interest or notice thereafter.

Procuration fee: Refer to Genesis ‘ appointed packager.

Arrangement fee: £395

Other: No MIG, CCJs to £3,000 in last three years, two missed payments in last 12 months, unlimited defaults.

Contact: 01832 275 044

Product: Endeavour self-cert non-conforming fixed rate

Funded by: GMAC-RFC

Description: Fixed until 1/1/2005.

Rate: 6.49%

Max LTV: 85%

Redemption penalty: 6% during fixed rate period, then one month’s interest or notice.

Procuration fee: Refer to Genesis ‘ appointed packager.

Arrangement fee: £395

Other: No MIG, CCJs to £7,500 in last three years, three missed payments in last 12 months, bankrupts discharged more than a year.

Contact: 01832 275 044

Product: Atlantis self-cert non-conforming fixed rate

Funded by: GMAC-RFC

Description: Fixed until 1/1/2005, full status.

Rate: 5.89%

Max LTV: 85%

Redemption penalty: 6% during fixed rate period, then one month’s interest or notice.

Procuration fee: Refer to Genesis appointed packager.

Arrangement fee: £395

Other: No MIG, CCJs to £3,000 in last three years, two missed payments in last 12 months, unlimited defaults.

Contact: 01832 275 044

Mortgage 2000

Product: Exclusive fixed rate mortgage

Funded by: Verso

Description: Fixed for three years.

Rate: 4.99%

Max LTV: 95%

Redemption penalty: 5% of outstanding loan for first three years.

Procuration fee: 0.5%, minimum £350.

Arrangement fee: £325

Contact: 0845 345 5700

Pink Home Loans

Product: Exclusive transparent fixed rate mortgage

Funded by: Birmingham MS

Description: Fixed until 1/2/2005.

Rate: 5.74%

Max LTV: 85%

Redemption penalty: 5% of amount repaid to 1/2/2004, 4% until 1/2/2005, nil thereafter.

Procuration fee: 0.5%, minimum £250, maximum £2,500.

Arrangement fee: £299

Other: Reverts to BBR + 1.95% for rest of term.

Contact: www.pink.uk.net

Product: Exclusive fixed rate mortgage

Funded by: Bristol & West

Description: Fixed for five years.

Rate: 4.55%

Max LTV: 95%

Redemption penalty: 7% of the amount repaid for one year, 6% for two years, then 5% for two years, plus £1,000 administration fee.

Procuration fee: 0.3%, minimum £150.

Arrangement fee: £299

Other: Annual interest.

Contact: www.pink.uk.net

Product: Exclusive self-cert

Funded by: Amber Home Loans

Description: Fixed to 31/1/2008.

Rate: 5.79%

Max LTV: 90%

Redemption penalty: 5%, 4%, 3%, 2%, 1% in years one to five respectively, up to 10% repayment yearly without penalty.

Procuration fee: 0.5% maximum £2,500.

Arrangement fee: £395

Other: Daily interest, MIG after 70% LTV.

Contact: www.pink.uk.net

TRACKER

UCB Home Loans

Product: FlexiPlus variable rate tracker mortgage

Description: Self-cert tracker.

Rate: 4.89%

Max LTV: 85%

Redemption penalty: Four months’ interest in year one, three months’ interest in year two.

Procuration fee: Refer to lender.

Arrangement fee: £295

Other: Available on advances of over £200,000, flexible features include drawdown facility.

Contact: 0845 940 1400

Genesis launches new discounted rates

Genesis Home Loans has launched two new three-year discounted rates for its full status Pioneer mortgage product.

The mortgage offers a 2% discount off SVR up to 90% LTV and a 1.75% discount off SVR up to 95% LTV, giving rates of 3.74% and 3.99% respectively. Both discounts apply until 1/1/2006. Income multiples of 3.75 times the first applicant’s income plus the second applicant’s income or three times joint incomes are available up to 75% LTV, and over 75% LTV 3.3 times the first plus the second or 2.75 times joint incomes apply.

Genesis Home Loans’ operations director, Nigel Gardner, said: ‘Pioneer is a full-status, prime product available up to 95% LTV for both purchase and any purpose remortgage. Available for both employed and self-employed applicants, a P60 or accountant’s certificate is usually the only proof of income required. That plus a valuation is sufficient to obtain a mortgage offer in most cases.’

Redemption terms are 5% until 1/1/2004, 4% until 1/1/2005, 3% until 1/1/2006, 2% until 1/1/2007 then 1% until 1/1/008 and no MIG is payable up to 90% LTV. There is an arrangement fee of £395 payable, for procuration fee refer to the packager.

Contact: 01832 275 044

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Buy to let a risk for borrowers

Speculative borrowers run the risk of substantial financial loss if they move investments out of the...

Close