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Product round-up

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  • 24/02/2003
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

Chelsea BS

Product: Buy-to-let mortgage

Description: 2% discount for six months, reverts to SVR + 0.25% for life of loan.

Rate: Initial rate of 3.94%.

Max LTV: 80%

Redemption penalty: 2% of the amount repaid in the first three years, up to 20% repayment each year without penalty.

Procuration fee: Negotiable

Arrangement fee: £195

Other: Income must be 130% of mortgage.

Contact: 0800 291 291

Genesis Home Loans

Product: Genesis Huron buy-to-let tracker mortgage

Funded by: Bristol & West

Description: BBR + 0.85% for three years.

Rate: 4.6%

Max LTV: 85%

Redemption penalty: 5% in the first two years, then 4% in year three.

Procuration fee: 0.3%, or minimum £150.

Arrangement fee: £399

Other: No first-time buyers, reverts to BBR + 1.75%.

Contact: 01832 275 044

Chelsea BS

Product: Discount mortgage

Description: 1.5% discount for the first three years.

Rate: 4.19%

Max LTV: 95%

Redemption penalty: 3% of the amount repaid in the first three years.

Procuration fee: Negotiable

Arrangement fee: None

Other: MIG payable from 90% LTV, £245 administration fee ‘ £195 up-front.

Contact: 0800 291 291

Genesis Home Loans

Product: Genesis Erie self-cert discount mortgage

Funded by: The Mortgage Business

Description: 1.6% discount from SVR until 1/7/2004.

Rate: 4.24%

Max LTV: 85%

Redemption penalty: 1% for three years.

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

Arrangement fee: £299

Other: MIG above 70% LTV at 6.95%.

Contact: 01832 275 044

Market Harborough BS

Product: Two-year fix followed by three-year discount mortgage

Description: Two-year fix then 0.5% discount for three years.

Rate: Initial rate of 2.99%.

Max LTV: 90%

Redemption penalty: Six months’ interest at SVR for the first five years.

Procuration fee: Refer to lender

Arrangement fee: £295

Other: Up to 10% overpayments can be made each year without penalty.

Contact: 01858 463 244

Genesis Home Loans

Product: Genesis Victoria prime mortgage

Funded by: Bristol & West

Description: Fixed until 30/4/2008.

Rate: 4.59%

Max LTV: 95%

Redemption penalty:

7% to 30/4/2004, 6% to 30/4/2006 then 5% to 30/4/2008.

Procuration fee: 0.3%, minimum £150.

Arrangement fee: £299

Other: MIG from 85% LTV, calculated from 75% LTV.

Contact: 01832 275 044

Legal & General

Product: Flexible Reserve fixed rate mortgage

Description: Fixed until 1/3/2005.

Rate: 3.99% or 4.19%.

Max LTV: 85% or 95%.

Redemption penalty: 2% of the amount borrowed in the two-year fixed period on full redemption only.

Procuration fee: 0.35%

Arrangement fee: £495

Other: Overpayments, underpayments and payment holidays allowed.

Contact: 0870 2400 514

Product: Flexible Reserve fixed rate mortgage

Description: Fixed until 1/3/2006.

Rate: 4.95%

Max LTV: 95%

Redemption penalty: 2% of the amount borrowed in the three-year fixed period on full redemption only.

Procuration fee: 0.35%

Arrangement fee: £495

Other: Overpayments, underpayments and payment holidays allowed.

Contact: 0870 2400514

Market Harborough BS

Product: Fixed rate mortgage

Description: Two-year fix with varying penalties.

Rate: Initial rates of either 2.25%, 3.99%, 4.49%, or 4.99%.

Max LTV: 90%

Redemption penalty: Redemption penalties of either six months, three months, or two months for first three years after the fixed rate period (or none with 4.99%) depending on the product. Or six months’ interest for the fixed period only.

Procuration fee: Refer to lender

Arrangement fee: £295

Other: Free ASU and buildings and contents insurance for the first three months.

Contact: 01858 463 244

Product: Fixed rate mortgage

Description: Fixed to 31/12/2004.

Rate: 1.99%

Max LTV: 90%

Redemption penalty: Six months’ interest at SVR for the fixed rate period plus three years, then one month’s interest or notice.

Procuration fee: Refer to lender.

Arrangement fee: £295

Other: Free ASU and buildings and contents insurance for the first three months.

Contact: 01858 463 244

Pink Home Loans

Product: Fixed rate mortgage

Funded by: Leeds & Holbeck Building Society

Description: Fixed until 1/4/2005.

Rate: 3.99%

Max LTV: 95%

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

Procuration fee: 0.3%, minimum £150.

Arrangement fee: £399

Other: Annual interest, direct submission only.

Contact: www.pink.uk.net

Portman Building Society

Product: Two-year fixed rate mortgage

Description: Fixed until 1/4/2005.

Rate: 1.99%

Max LTV: 95%

Redemption penalty: 7% of capital repaid from completion until 1/4/2006, then 6%/4%/2% each year until 1/4/2009.

Procuration fee: Refer to lender

Arrangement fee: £399

Other: Free MIG to 90% LTV. Up to 5% overpayments can be made each year without penalty. Free valuation (up to £210) and legal fees for remortgages up to 75% LTV.

Contact: 0800 548 548

Woolwich

Product: Openplan flexible Mortgage

Description: Two-year fixed rate.

Rate: 3.74% until 30/4/2003.

Max LTV: 95%

Redemption penalty: Six months’ interest at the fixed rate or the SVR (whichever is higher) until 30/4/2003.

Procuration fee: Refer to lender

Arrangement fee: £295

Other: Free legal fees via appointed panel for remortgages. Up to 10% overpayments can be made each year without penalty.

Contact: 020 8298 5490

Chelsea BS

Product: Prospect scheme 4 impaired credit mortgage

Description: SVR + 1 .75% for two years.

Rate: 7.44%

Max LTV: 75%

Redemption penalty: 3% of the amount repaid in the first three years.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Up to eight CCJs, (none in last six months), up to six missed payments in last 12 months, (none in last six months), free ASU for two years.

Contact: 0800 291 291

Chelsea BS

Product: Prospect scheme impaired credit mortgage

Description: SVR + 0.25% for two years.

Rate: 5.94%

Max LTV: 90%

Redemption penalty: 3% of the amount repaid in the first three years.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Up to four CCJs, (none in last six months), one missed payments in last 12 months, (none in last six months), free ASU for two years.

Contact: 0800 291 291

Genesis Home Loans

Product: Genesis Michigan self-cert tracker mortgage

Funded by: Birmingham MS

Description: BBR + 0. 99% for two years, then BBR + 1.49% for one year.

Rate: Initial rate of 4.74%.

Max LTV: 85%

Redemption penalty: None

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

Arrangement fee: £299

Other: Flexible facilities, overpayments and underpayments and holidays allowed.

Contact: 01832 275 044

Legal & General

Product: Flexible Reserve base rate tracker mortgage

Description: 2% discount for the first three months.

Rate: 2.95%, reverts to 4.95%.

Max LTV: 95%

Redemption penalty: 0.5% of the amount borrowed in the first three years on full redemption only.

Procuration fee: 0.35%

Arrangement fee: £295

Other: Overpayments, underpay-ments and payment holidays allowed.

Contact: 0870 240 0514

Woolwich

Product: Openplan Flexible Mortgage

Description: Two-year discount tracker mortgage.

Rate: Initial rate of 3.6%.

Max LTV: 95%

Redemption penalty: Six months’ interest at the fixed rate or the SVR (whichever is higher) until 30/4/2003.

Procuration fee: Refer to lender

Arrangement fee: £295

Other: Free legal fees via appointed panel. Up to 10% repayments can be made each year without penalty.

Contact: 020 8298 5490

Product focus

BuildLoan, the intermediary self-build mortgage product from self-build specialist, BuildStore, has added to its base rate tracker range with a redemption-free part-repayment option at the end of the build.

This feature is designed for the borrower who remains in their own home during the build and then releases the equity in it by selling up and moving into the newly-built house.

The tracker is funded by Lloyds TSB and has a rate of 1% above the bank base rate until the end of 2007, at which point the borrower can switch to any Lloyds TSB product.

Loan-to-values (LTV) are set at 95% of land costs and 95% of build costs. Redemption penalties are set at 3%, 2% and 1% in the first three years respectively.

John Hay, marketing director of BuildStore, said: ‘The addition of Lloyds TSB Scotland to the BuildLoan panel is an important part of our plans to build up the BuildLoan brand and attract more brokers to the products.

‘We are aiming for the online registration of up to 1,000 advisers a month. Lloyds TSB has enhanced the range of mortgages available with this introduction of its first tracker product, one that allows builders to stay in their own home during the build.’

The product carries an arrangement fee of £295.For procuration fees refer to distributor.

Contact: 0870 870 9499

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