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Product round-up

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  • 03/12/2002
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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 mortgage

Description: Guaranteed to be no more than 3% above BBR.

Rate: 4.95%

Max LTV: 85%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £500

Other: Daily interest, discounted legal fees for remortgage and £50 mortgage admin. fee payable.

Contact: 0845 766 5522

Mortgage 2000

Product: Exclusive buy-to-let five-year discount mortgage

Funded by: Verso

Description: 1.25% discount for five years to 80% LTV or 0.95% discount to 85% LTV.

Rate: 4.73% or 5.03%

Max LTV: 80%

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

Procuration fee: 0.25%

Arrangement fee: 1%, minimum £500.

Other: £70 booking fee upfront.

Contact: 01244 665 700

Pink home Loans

Product: Exclusive buy-to-let discount mortgage

Funded by: Mortgage Express

Description: 0.51% discount for either three or five years.

Rate: 5.24%

Max LTV: 85%

Redemption penalty: Six months’ interest at underlying variable rate during the discount period.

Procuration fee: 0.5%

Arrangement fee: £399

Other: No MIG, unlimited number of properties to £2,000,000.

Contact: www.pink.uk.net

CAPPED

Coventry Building Society

Product: Flexx five-year capped mortgage

Description: 5.49% capped to 31/12/07.

Rate: 5.49%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £295

Other: Minimum rate payable is 4%, free valuation, free remortgage transfer service and daily interest.

Contact: 0845 766 5522

DISCOUNT

Britannic Money

Product: Flexible restart Homeloan FRESH mortgage

Description: LIBOR plus loading sub-prime credit repair mortgage, 1.55% discount for one year available.

Rate: From 4.96%

Max LTV: 90%

Redemption penalty: 6% in the first three years, up to 10% repayments annually with no penalty.

Procuration fee: 0.5%

Arrangement fee: £450

Other: CCJs over two years old or satisfied a year ago ignored, current account option after one year.

Contact: 0870 411 2486

Coventry Building Society

Product: Three-year discount mortgage

Description: 1.3% discount to 31/05/05.

Rate: 4.45%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £295, no arrangement fee if existing member.

Other: Free remortgage transfer service, free valuation.

Contact: 0845 766 5522

Mortgage 2000

Product: Exclusive five-year discount mortgage

Funded by: Verso

Description: 1.25% discount for five years.

Rate: 4.73%

Max LTV: 95%

Redemption penalty: 5% of the outstanding loan in the first two years.

Procuration fee: 0.5%, minimum £350.

Arrangement fee: £325

Contact: 01244 665 700

Mortgage 2000

Product: Exclusive stepped discount mortgage

Funded by: SPML

Description: 1.75% discount until 01/06/03, then 0.75% discount for one year.

Rate: 5.5%

Max LTV: 80%

Redemption penalty: 7% of outstanding loan in the first three years.

Procuration fee: 1.5%, minimum £500, maximum £5,000.

Arrangement fee: £495

Other: CCJs to £10,000 unsatisfied, four months’ arrears in last 12 months, unlimited defaults, bankrupts discharged one year.

Contact: 01244 665 700

Mortgage 2000

Product: Exclusive self-cert stepped discount mortgage

Funded by: SPML

Description: 1.25% discount until 01/06/03, then 0.25% discount for one year.

Rate: 6%

Max LTV: 80%

Redemption penalty: 7% of outstanding loan in the first three years.

Procuration fee: 1.5%, minimum £500, maximum £5,000.

Arrangement fee: £495

Other: CCJs to £10,000 unsatisfied, four months’ arrears in last 12 months, unlimited defaults, bankrupts discharged one year.

Contact: 01244 665 700

Norwich and Peterborough BS

Product: Discount rate mortgage

Description: 1.4% discount for five years.

Rate: 4.29%

Max LTV: 90%

Redemption penalty: 3% of the current balance in the first five years.

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

Arrangement fee: None

Other: Legal fees paid when arranged though the society, under and over payments allowed.

Contact: 0845 300 3444

Pink Home Loans

Product: Exclusive discount mortgage

Funded by: Bristol & West

Description: 2% discount for three years.

Rate: 3.95%

Max LTV: 95%

Redemption penalty: 5% of the sum repaid for two years then 4% for one year.

Procuration fee: 0.3%

Arrangement fee: £299

Other: Annual interest, MIG trigger at 85% LTV, but calculated from 75% LTV.

Contact: www.pink.uk.net

Pink Home Loans

Product: Exclusive stepped discount mortgage

Funded by: Bristol & West

Description: 2.46% discount to 31/01/04, then 1.96% discount to 31/01/05.

Rate: Initial rate of 3.49%.

Max LTV: 95%

Redemption penalty: 5% of the amount repaid until 31/01/05.

Procuration fee: 0.3% minimum £150.

Arrangement fee: £299

Other: Annual interest, MIG trigger at 85% LTV, but calculated from 75% LTV.

Contact: www.pink.uk.net

FIXED

Alliance & Leicester

Product: Two-year fixed rate mortgage

Description: Fixed until 31/12/04.

Rate: 3.94%

Max LTV: 95%

Redemption penalty: Six months’ gross interest during the fixed rate period.

Procuration fee: Refer to lender

Arrangement fee: £295

Other: FTB’s receive free valuation, free buyers insurance and either free conveyancing or no arrangement fee, existing A&L clients and premier current account clients receive 0.5% lower rate.

Contact: 0845 300 3000

Alliance & Leicester

Product: Five-year fixed rate mortgage

Description: Fixed until 31/12/07.

Rate: 4,49%

Max LTV: 95%

Redemption penalty: Six months’ gross interest during the fixed rate period.

Procuration fee: Refer to lender

Arrangement fee: £295

Other: FTB’s receive free valuation, free buyers insurance and either free conveyancing or no arrangement fee, existing A&L clients and premier current account clients receive 0.5% lower rate.

Contact: 0845 300 3000

Coventry Building Society

Product: Five-year fixed rate remortgage

Description: Fixed to 31/12/07

Rate: 4.99%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/12/07.

Procuration fee: Negotiable

Arrangement fee: £195

Other: Free valuation and remortgage transfer service.

Contact:

www.remortgages.co.uk

Norwich and Peterborough BS

Product: Fixed rate mortgage

Description: Fixed for five years.

Rate: 4.84% to 90% LTV, 5.04% to 95% LTV.

Max LTV: 95%

Redemption penalty: 5% of the current balance in the first three years, 4% in year four and 3% in year five.

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

Arrangement fee: £199

Other: Flexible features available, overpayment allowed from the outset.

Contact: 0845 300 3444

Pink Home loans

Product: Exclusive self-cert fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed to 03/12/07.

Rate: 5.79%

Max LTV: 90%

Redemption penalty: Six months’ interest at the fixed rate until 03/12/07.

Procuration fee: 0.5%

Arrangement fee: £325

Other: Monthly interest, no MIG, under and overpayments and draw down available.

Contact: www.pink.uk.net

Coventry BS overhauls buy-to-let range

The Coventry Building Society has overhauled its buy-to-let range. Among the new mortgage products is a five-year fixed rate deal. It has a payable rate of 5.39% to 31/12/07 and is available up to 85% loan to value (LTV).

‘With regard to the re-launch of our buy-to-let range, we are releasing some new, quite aggressively priced, products. We are doing this because we believe that there is still a substantial market out there to be tapped. We are still seeing demand directly from the customer and from intermediaries alike. The new products have been designed to give landlords flexibility as well as stability over the long term,’ said Yvonne White, media relations manager at Coventry Building Society.

The mortgage carries an early repayment charge of six months’ interest until 31/12/07. Other charges include a £375 arrangement fee and a £50 mortgage administration fee, as well as a valuation fee.

There are discounted legal fees available for remortgage customers. Procuration fees to intermediaries are negotiable with the lender.

Contact 0845 766 5522

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