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Product round-up

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  • 31/01/2003
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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 five-year discount buy-to-let mortgage

Funded by: Verso

Description: 0.95% discount for five years.

Rate: 5.03%

Max LTV: 85%

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

Procuration fee: 0.25%

Arrangement fee: 1%, minimum £500.

Other: £70 booking fee, no MIG.

Contact: 01244 665 700

Pink Home Loans

Product: Exclusive buy-to-let fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed to 3/3/2004, 3/3/2006 or 3/3/2008.

Rate: 2.49%, 4.99% or 5.24%.

Max LTV: 85%

Redemption penalty: Six months’ interest at variable rate to 3/3/2006, six months’ interest at fixed rate to 3/3/2006 or 3/3/2008.

Procuration fee: 0.5%, no maximum.

Arrangement fee: £399

Other: No MIG, no adverse.

Contact: www.pink.uk.net

Product: Exclusive buy-to-let remortgage

Funded by: Mortgage Express

Description: Fixed to 3/3/2006.

Rate: 5.35%

Max LTV: 85%

Redemption penalty: Six months’ interest at fixed rate to 3/3/2006.

Procuration fee: 0.5%, no minimum.

Arrangement fee: None

Other: No valuation fee, free legals from Mortgage Express solicitor.

Contact: www.pink.uk.net

DISCOUNT

Amber Homeloans

Product: Two-year full status discount medium adverse mortgage

Description: Libor + 2.5% with 1% discount to 30/4/2005.

Rate: 5.53%

Max LTV: 85%

Redemption penalty: 5% in year one, 4% in year two and 3% in year three.

Procuration fee: Negotiable

Arrangement fee: £395

Other: Unlimited CCJs to £10,000, three missed payments in last 12 months, one in last six months. Up to 10% repayment annually without penalty.

Contact: 0870 601 3205

Chelsea BS

Product: Discount rate mortgage

Description: 1.5% discount for three years.

Rate: 4.19%

Max LTV: 95%

Redemption penalty: 3% for the first three years.

Procuration fee: Negotiable

Arrangement fee: None

Other: £245 administration fee, free legal fees or £200 contribution.

Contact: 0800 291 291

Product: Discount rate remortgage

Description: 1.25% discount for three years.

Rate: 4.44%

Max LTV: 95%

Redemption penalty: 3% for the first three years.

Procuration fee: Negotiable

Arrangement fee: None

Other: No administration fee, free legal fees or £200 contribution.

Contact: 0800 291 291

Legal & General Mortgage Club

Product: Two-year discount mortgage

Description: 2.25% discount for two years.

Rate: 3.7%

Max LTV: 95%, 90% for remortgages.

Redemption penalty: Six months’ interest at SVR in first two years.

Procuration fee: Up to 0.45%.

Arrangement fee: £99

Other: Up to 10% repayable annually without penalty.

Contact: 0845 300 9977

Mortgage 2000

Product: Exclusive discount 2004

Funded by: The Mortgage Business

Description: 1.6% discount until 1/1/2004.

Rate: 4.24%

Max LTV: 85%

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

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

Arrangement fee: £299

Contact: 01244 665 700

Pink Home Loans

Product: Exclusive self-cert adverse discount mortgage

Funded by: Birmingham Midshire Solutions

Description: 1.2% discount for two years.

Rate: 5.5%

Max LTV: 85%

Redemption penalty: 0.5% of the amount repaid in year one, 4% in year two.

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

Arrangement fee: £299

Other: No MIG, daily interest, CCJs to £4,000 ‘ none in the last three months, up to two missed payments in last 12 months ‘ none in last three months.

Contact: www.pink.uk.net

FIXED

Amber Homeloans

Product: Two-year fixed self-cert heavy adverse mortgage

Description: Fixed until 30/4/2005.

Rate: 6.44%

Max LTV: 85%

Redemption penalty: 5% in year one, 4% in year two and 3% in year three.

Procuration fee: Negotiable

Arrangement fee: £395

Other: Unlimited CCJs to £20,000, four missed payments in last 12 months, two in last six months. Up to 10% repayment annually without penalty.

Contact: 0870 601 3205

Product: Two-year fixed rate full status light adverse mortgage

Description: Fixed until 30/4/2005.

Rate: 4.99%

Max LTV: 85%

Redemption penalty: 5% in year one, 4% in year two and 3% in year three. Up to 10% repay-ment annually without penalty.

Procuration fee: Negotiable

Arrangement fee: £395

Other: Unlimited CCJs to £5,000, Two missed payments in last 12 months, none in last six months.

Contact: 0870 601 3205

Bristol & West

Product: Five-year fixed rate mortgage

Description: Fixed until 31/3/2008.

Rate: 4.49%

Max LTV: 95%

Redemption penalty: 7% until 31/3/2004 then 6% until 31/3/2006 then 5% until 31/3/2008.

Procuration fee: Negotiable

Arrangement fee: £299

Contact: 0117 943 7755

Product: Two-year fixed rate mortgage

Description: Fixed until 31/3/2005.

Rate: 3.95%

Max LTV: 95%

Redemption penalty: 5% until 31/3/2005.

Procuration fee: Negotiable

Arrangement fee: £299

Contact: 0117 943 7755

Product: Two-year fixed rate mortgage

Description: Fixed until 31/3/2005.

Rate: 4.29%

Max LTV: 95%

Redemption penalty: 5% until 31/3/2005.

Procuration fee: Negotiable

Arrangement fee: None

Other: No valuation fee, free legals for remortgagors ‘ now available in Scotland.

Contact: 0117 943 7755

Chelsea BS

Product: Fixed rate mortgage

Description: Fixed until 1/4/2005.

Rate: 3.99%

Max LTV: 95%

Redemption penalty: 3% until 1/4/2005.

Procuration fee: Negotiable

Arrangement fee: £395

Other: £245 administration fee, free legal fees or £200 contribution.

Contact: 0800 291 291

Legal & General Mortgage Club

Product: Fixed rate mortgage

Description: Fixed until 30/4/2004.

Rate: 3.79%

Max LTV: 95%, 90% for remortgages.

Redemption penalty: Six months’ interest at SVR until 30/4/2006, up to 10% repayable annually without penalty.

Procuration fee: Up to 0.45%.

Arrangement fee: £199

Contact: 0845 300 9977

Pink Home Loans

Product: Exclusive self-cert fixed

Funded by: Amber Homeloans

Description: Fixed to 30/4/2008.

Rate: 5.49%

Max LTV: 90%

Redemption penalty: 5%/4%/ 3%/2%/1% in first five years respectively.

Procuration fee: 0.5% maximum £2,500.

Arrangement fee: £395

Other: Daily interest, no adverse or first-time buyers, up to 10% can be repaid annually without penalty.

Contact: www.pink.uk.net

TRACKER

Mortgage 2000

Product: Exclusive H to H tracker mortgage

Funded by: The Mortgage Business

Description: Tracker to term.

Rate: 5.29%

Max LTV: 85%

Redemption penalty: None

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

Arrangement fee: 1%

Contact: 01244 665 700

Pink Home Loans

Product: Self-cert tracker

Funded by: GMAC-RFC

Description: BBR + 0.85% for term of loan.

Rate: 4.85%

Max LTV: 85%

Redemption penalty: 3% of the amount repaid in year one, 2% in year two and 1% in year three.

Procuration fee: 0.5%

Arrangement fee: £395

Other: No MIG, daily interest, one CCJ (maximum £3,000) satisfied or one month’s arrears may be considered.

Contact: www.pink.uk.net

5% cashback deal from UCB Home Loans

UCB Home Loans has launched a new mortgage providing borrowers with 5% cashback. The product is a five-year tracker based on the BBR + 1.99%, giving it a current interest rate of 5.99%.

The mortgage is available to both first-time buyers and remortgagors. Loan to value (LTV) is 85%, effectively providing the borrower with 90% of the purchase price when the 5% cashback is included. A £295 arrangement fee applies to the mortgage, plus a processing fee which varies from £199 up to £100,000, to £1 per £1,000 borrowed over £300,000.

Charles Reed, managing director of UCB Home Loans, said: ‘Nationwide’s latest figures show the average deposit a first-time buyer needs to raise has increased dramatically over recent years, from £5,000 in 1996 to over £18,000 in 2001 for the UK, and over £31,000 in London.

‘Cashback has been a regular and popular feature in our product portfolio and this product may appeal to first-time buyers, who often find their savings are stretched to cover all the expenses of a property purchase.’

Redemption penalties apply for the first five years and are on a sliding scale; for the first three years it is four months’ interest plus 100%, 80% and 60% respectively of cashback.

Contact: 0845 940 1400

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