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Product round-up

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  • 16/12/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY TO LET

Abacus Permanent

Product: Buy-to-let tracker mortgage

Description: BBR + 0.7% for four years then 1.75% above BBR for term.

Rate: 4.7%

Max LTV: 85%

Redemption penalty: 5% of sum redeemed until 31/1/2005, then 4% until 31/1/2006.

Procuration fee: 0.4%

Arrangement fee: £499

Contact: 0845 330 4128

Product: Buy-to-let stepped discount mortgage

Description: Fixed for 12 months, then BBR + 0.5% for 12 months, then BBR + 1.5% for 12 months, then BBR + 1.75% for term.

Rate: 4.35%

Max LTV: 85%

Redemption penalty: 5%/5%/ 4% in the first three years respectively.

Procuration fee: 0.4%

Arrangement fee: £499

Contact: 0845 330 4128

BM Solutions

Product: Buy-to-let discount mortgage

Description: 0.96% discount for two years.

Rate: 4.99%

Max LTV: 85%

Redemption penalty: 5% in year one, 4% in year two.

Procuration fee: 0.5%, minimum £200, maximum £5,000.

Arrangement fee: £299

Contact: 0800 587 2211

Bristol & West

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

Description: Fixed until 30/9/2007.

Rate: 5.59%

Max LTV: 85%

Redemption penalty: 7% until 30/9/2003, then 6% until 30/9/ 2005, then 5% until 30/9/2007.

Procuration fee: Negotiable

Arrangement fee: £399

Contact: 0117 943 7755

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 in the first five years.

Procuration fee: 0.25%

Arrangement fee: 1%, minimum £500.

Other: £70 up-front booking fee, free indemnity fees.

Contact: 01244 665 700

Pink Home Loans

Product: ’25 to let’ buy-to-let tracker mortgage

Funded by: BM Solutions

Description: 0.99% above BBR for three years, then BBR + 1.95% for term.

Rate: 4.99%

Max LTV: 75%

Redemption penalty: None

Procuration fee: 0.5% per property, minimum £200, maximum £5,000.

Arrangement fee: £399

Other: Up to 25 properties, up to a limit of £2.5m.

Contact: www.pink.uk.net

Product: Exclusive buy-to-let fixed rate mortgage.

Funded by: Mortgage Express

Description: Fixed until either 3/12/2003, 3/12/2005 or 3/12/2007.

Rate: 2.49%, 5.24% or 5.45% respectively.

Max LTV: 85%

Redemption penalty: Six months’ interest at underlying variable rate until 3/12/2003 or six months’ interest at fixed rate to 3/12/2005 or 3/12/2007.

Procuration fee: 0.5%, no maximum.

Arrangement fee: £399

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

Contact: www.pink.uk.net

CAPPED

Bristol & West

Product: Five-year capped rate mortgage

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

Rate: 4.89% (variable)

Max LTV: 95%

Redemption penalty: 7% until 30/9/2003, then 6% until 30/9/2005, then 5% until 30/9/2007.

Procuration fee: Negotiable

Arrangement fee: £299

Contact: 0117 943 7755

DISCOUNT

Abacus Permanent

Product: Cashback discount mortgage

Description: 0.36% discount for five years.

Rate: 5.59%

Max LTV: 95%

Redemption penalty: 6%/5%/ 4%/4%/3% respectively in the first five years.

Procuration fee: 0.4%

Arrangement fee: £399

Other: 5% cashback.

Contact: 0845 330 4128

Product: Cashback discount mortgage

Description: 0.96% discount for five years.

Rate: 4.99%

Max LTV: 95%

Redemption penalty: 6%/5%/ 4%/4%/3% respectively in the first five years.

Procuration fee: 0.4%

Arrangement fee: £399

Other: 3% cashback.

Contact: 0845 330 4128

Mortgage 2000

Product: Exclusive discount 2003 mortgage

Funded by: The Mortgage Business

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

Rate: 4.44%

Max LTV: 85%

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

Procuration fee: 0.5% maximum £2,500.

Arrangement fee: £299

Contact: 01244 665 700

Product: Exclusive discount mortgage

Funded by: Verso

Description: 1.25% discount for five years.

Rate: 4.73%

Max LTV: 95%

Redemption penalty: 5% of out-standing loan for first two years.

Procuration fee: 0.5%, minimum £350.

Arrangement fee: £325

Contact: 01244 665 700

Pink Home Loans

Product: Fees-assisted discount mortgage

Funded by: Leeds & Holbeck BS

Description: 1.76% discount for two years.

Rate: 3.99%

Max LTV: 95%

Redemption penalty: Six months’ interest at SVR in year one, four months’ interest at SVR in year two.

Procuration fee: 0.3%

Arrangement fee: None

Other: No legal fees for remortgages if Society’s in-house service is used, £250 cashback.

Contact: www.pink.uk.net

Product: Sub-prime fees assisted discount remortgage

Funded by: Preferred Mortgages

Description: 1.25% discount until 31/12/2003.

Rate: From 5.75% depending on level of adverse.

Max LTV: 85% (full status light adverse).

Redemption penalty: 6% of the amount redeemed for the first three years, then 1%.

Procuration fee: 1%

Arrangement fee: None

Other: Valuation fee refund, free legals on remortgages.

Contact: www.pink.uk.net

FIXED

BM Solutions

Product: Self-cert fixed rate mortgage

Description: Fixed until 2/1/2004.

Rate: 2.99%

Max LTV: 85%

Redemption penalty: 5% to 2/1/2004, 4% to 2/1/2005, 3% to 2/1/2006.

Procuration fee: 0.5%, minimum £200, maximum £5,000.

Arrangement fee: £299

Contact: 0800 587 2211

Bristol & West

Product: Five-year fixed rate mortgage

Description: Fixed until 30/9/2007.

Rate: 5.19%

Max LTV: 95%

Redemption penalty: 7% until 30/9/2003 then 6% until 30/9/2005 then 5% until 30/9/2007.

Procuration fee: Negotiable

Arrangement fee: £299

Contact: 0117 943 7755

Exclusive Connections

Product: Exclusive self-cert fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 3/12/2004.

Rate: 5.49%

Max LTV: 90%

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

Procuration fee: Negotiable

Arrangement fee: £325

Other: No MIG, choices option with overpayment, under-payment and payment holidays available, debt consolidation facility ‘ to 80% LTV.

Contact: 0800 587 7272

Mercantile Direct

Product: North-East England fixed rate mortgage

Description: Fixed until 1/11/2005.

Rate: 4.49%

Max LTV: 90%

Redemption penalty: 5%/4%/ 3% in the first three years.

Procuration fee: 0.25% minimum £150, maximum £250, registered intermediaries only.

Arrangement fee: £295

Other: Sealing fee £50, valuation fee payable. Only available in the North East.

Contact: 0500 295 500

Product: North-East England fixed rate mortgage

Description: Fixed until 31/1/2007.

Rate: 4.94%

Max LTV: 95%

Redemption penalty: 5% to 31/1/2007.

Procuration fee: 0.25% minimum £150, maximum £250, registered intermediaries only.

Arrangement fee: £295

Other: Sealing fee £50, valuation fee payable. Only available in the North East.

Contact: 0500 295 500

Two-year fixed deals from Bristol & West

Bristol & West Mortgages has launched two two-year fixed rate mortgages.

The lender is marketing it as a way of reducing monthly mortgage payments before Christmas, while increasing a client’s sense of financial security for the next two years.

It is available at a rate of 3.95% with a £399 arrangement fee, or 4.29% with no arrangement fee, no valuation fee and free legal fees for remortgages via Bristol & West Mortgages’ solicitors.

Both products are fixed until 31/12/2004, and are available up to 95% LTV. Neither deal has an extended tie-in.

Redemption penalties in both cases are set at 5% to 31/12/2004 plus a £150 redemption administration a and deeds release fee.

Neena Kithoray, senior product manager for Bristol & West Mortgages, said: ‘With Christmas three weeks away we want to ensure we provide customers with opportunities to improve their financial situation.

‘We want to provide opportunities to improve their financial situation by reducing their mortgage payments. With speculation that the base rate is soon to rise, now is an excellent time for homeowners to take advantage of the low fixed rate mortgages on the market, not only saving them money but also ensuring they are protected if interest rates were to rise.’

Contact: 0117 943 7755

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