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Product round-up

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  • 04/11/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY-TO-LET

Mortgage 2000

Product: Exclusive buy-to-let fixed rate mortgage

Funded by: Verso

Description: Fixed for two years.

Rate: 3.89%

Max LTV: 85%

Redemption penalty: 5% of outstanding loan for five years.

Procuration fee: 0.25%

Arrangement fee: 1%, minimum £500.

Other: £70 booking fee upfront.

Contact: 0845 345 5700

Product: Exclusive buy-to-let discount mortgage

Funded by: Verso

Description: 1.25% discount for five years.

Rate: 4.73%

Max LTV: 85%

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

Procuration fee: 0.25%

Arrangement fee: 1%, minimum £500.

Other: £70 booking fee upfront, no MIG.

Contact: 0845 345 5700

Northern Rock

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

Description: Fixed until 1/12/2007.

Rate: 5.99%

Max LTV: 80%

Redemption penalty: 2% of original loan balance on full rede-mption during fixed rate period.

Procuration fee: Refer to packager.

Arrangement fee: £495

Other: Annual interest, overpayments allowed, reverts to SVR.

Contact: 0845 600 1516

DISCOUNT

Genesis Home Loans

Product: Aluminium discount mortgage

Funded by: Mortgages plc

Description: 1.5% discount until 31/10/2003.

Rate: 6.75%

Max LTV: 90%

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

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: £5,000 unsatisfied CCJs or defaults in last two years, maximum two mortgage arrears in the last year, but only one in the last three months, bankrupt discharged one year.

Contact: 01832 275 044

Market Harborough BS

Product: Discount mortgage

Description: 2% discount for two years.

Rate: 5.74%

Max LTV: 85%

Redemption penalty: £1,000 in the first two years, then one month’s notice.

Procuration fee: £300, plus £75 if the LTV is less than 75% and the loan is more than £75,000.

Arrangement fee: None

Other: Refund of valuation fee on completion, free buildings and contents for three months, refund of first six months’ ASU, legal fees paid on remortgages if society’s solicitor is used, £300 cashback on completion.

Contact: 01858 463 244

Product: Discount mortgage

Description: 2.25% discount for two years.

Rate: 3.49%

Max LTV: 85%

Redemption penalty: One month’s interest or notice, partial redemptions to 10% accepted 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: Daily interest, flexible options available, free buildings and contents insurance for three months.

Contact: 01858 463 244

Mortgage 2000

Product: Exclusive discount 2003

Funded by: The Mortgage Business

Description: 1.4% discount until 1/5/2003.

Rate: 4.44%

Max LTV: 85%

Redemption penalty: Three months’ gross interest in year one, two in year two, one in year three, then one month’s interest.

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

Arrangement fee: £299

Other: £400 cashback.

Contact: 0845 345 5700

Norwich & Peterborough

Product: Two-year discount mortgage

Description: 2.75% discount for two years.

Rate: 2.94%

Max LTV: 90%

Redemption penalty: 5% of outstanding mortgage in years one to three, 4% in year four and 3% in year five.

Procuration fee: 0.25%, min-imum £125, maximum £1,000.

Arrangement fee: None

Other: Free legal fees for remortgages, free valuations up to £225 for remortgages.

Contact: 0845 300 3444

FIXED RATE

GMAC-RFC

Product: Fixed rate mortgage

Description: Fixed until 1/1/2005.

Rate: 3.95% to 90% LTV, 4.15% to 95% LTV.

Max LTV: 95%

Redemption penalty: 3% of amount redeemed to 1/1/2005, up to 25% in any one year allowed without penalty.

Procuration fee: 0.35%

Arrangement fee: £395

Other: MIG from 90% LTV, no income references normally required.

Contact: 01344 477 477

Northern Rock

Product: 10-year fixed rate mortgage

Description: Fixed until 1/12/2012.

Rate: 5.99%

Max LTV: 95%

Redemption penalty: 7%, 7%, 7%, 5%, 5%, 5%, 3%, 3%, 3%, 3% of balance in first 10 years.

Procuration fee: Refer to packager.

Arrangement fee: £495

Other: Capital repayment of 5% without penalty, help with costs option of £1,500 (repayable on early redemption, daily interest).

Contact: 0845 600 1516

Product: 15-year fixed rate mortgage

Description: Fixed until 1/12/2017.

Rate: 5.99%

Max LTV: 95%

Redemption penalty: 7%, 7%, 7%, 7%, 7%, 5%, 5%, 5%, 5%, 5%, 3%, 3%, 3%, 3%, 3% of balance in first 10 years.

Procuration fee: Refer to packager.

Arrangement fee: £495

Other: Capital repayment of 5% without penalty, help with costs option of £1,500 (repayable on early redemption), daily interest.

Contact: 0845 600 1516

Product: Together two-year fixed rate mortgage

Description: Fixed until 1/12/2004.

Rate: 5.89%

Max LTV: 90% secured, 30% unsecured.

Redemption penalty: 2% of original loan balance on full rede-mption during fixed rate period.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: After 1/12/2002 reverts to below Northern Rock’s SVR for term of loan, fully flexible, six months’ free payment protection.

Contact: 0845 600 1516

Pink Home Loans

Product: Exclusive transparent fixed rate cashback mortgage

Funded by: Birmingham MS

Description: Fixed to 1/2/2005.

Rate: 5.69%

Max LTV: 90%

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

Procuration fee: 0.5%, mini-mum £250, maximum £2,500.

Arrangement fee: £299

Other: £350 cashback, no MIG, daily interest, reverts to BBR + 1.95%, maximum £5,000 CCJs in last six months, two months’ arrears in last year, bankruptcy discharged one year.

Contact: www.pink.uk.net

SELF CERT

Genesis Home loans

Product: Nickel self-cert buy-to-let discount mortgage

Funded by: Mortgages plc

Description: 1% discount until 31/10/2003.

Rate: 6.45%

Max LTV: 80%

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

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: Unlimited defaults, unsatisfied CCJs to £5,000 in last two years, no mortgage arrears in last 12 months, bankrupts discharged three years.

Contact: 01832 275 044

Product: Lead self-cert or full status discount

Funded by: Mortgages plc

Description: 1.5% discount until 31/10/2003.

Rate: Self-cert 7.15%, status 6.45%.

Max LTV: 80%

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

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: Unlimited defaults, unlim-ited CCJs, unlimited mortgage arrears, bankrupts discharged.

Contact: 01832 275 044

Product: Direct exclusive self-cert remortgage special mortgage

Funded by: The Mortgage Business

Description: Fixed until 31/1/2004.

Rate: 4.75%

Max LTV: 85%

Redemption penalty: Four months’ interest in year one, three months in year two, two in year three, then one month’s notice or interest.

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

Arrangement fee: £399

Other: Valuation fee refunded on completion.

Contact: www.pink.uk.net

Product: Exclusive flexible self-cert mortgage

Funded by: Verso

Description: 1.25% discount for two years.

Rate: 4.73%

Max LTV: 85%

Redemption penalty: 5% for two years on full repayment, then one month’s notice or interest.

Procuration fee: 0.45%

Arrangement fee: £325

Other: Daily interest, MIG from 70%.

Contact: www.pink.uk.net

New GMAC buy-to-let deal fixed at 4.99%

GMAC-RFC has launched a buy-to-let product, fixed at 4.99% until January 2005 for loans up to 75% loan to value (LTV).

For loans up to 85% LTV, the fixed rate is 5.39%.

‘In today’s market many people like their outgoings to be fixed, so they can budget for their payments,’ said Gina Collman, head of corporate communications at GMAC-RFC.

‘This is an attractive rate we are sure will prove popular. We believe the buy-to-let market will continue to grow, even though this may not be at previous record levels, and we are experiencing increased demand particularly in areas outside London and the South East. Even if property prices do not continue to rise at the rates seen recently, many people are continuing to invest in property on the basis of longer-term capital growth.’

GMAC has also doubled the portfolio size to £2m. There are no income requirements on the mortgages, with affordability assessed on covering 130% of the mortgage payment, at 5.74% SVR. The loans carry an arrangement fee of £395, but no MIG. There is a redemption penalty of 3% in the fixed rate period. The procuration fee is 0.5%.

Contact: 01344 477 477

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