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Product round-up

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  • 10/03/2003
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

Bristol & West

Product: Buy-to-let fixed rate mortgage

Description: Fixed until 31/3/2008.

Rate: 5.39%

Max LTV: 85%

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

Procuration fee: Negotiable

Arrangement fee: None

Other: Reverts to BBR + 1.75%, free valuation and legal fees for remortgages.

Contact: 0117 943 7755

Product: Buy-to-let fixed rate mortgage

Description: Fixed until 31/3/2008.

Rate: 5.09%

Max LTV: 85%

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

Procuration fee: Negotiable

Arrangement fee: £399

Other: Reverts to BBR + 1.75%, free valuation and legal fees for remortgages.

Contact: 0117 943 7755

Chelsea Building Society

Product: Discount mortgage

Description: 1.65% discount for the first three years.

Rate: 3.94%

Max LTV: 95%

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

Procuration fee: Negotiable

Arrangement fee: None

Other: Let to buy is accepted, MIG payable from 90% LTV.

Contact: 0800 291 291

Coventry Building Society

Product: Flexx discount mortgage

Description: 1.8% discount until 30/9/2005, then 0.66% discount until 30/9/2008.

Rate: Initial rate of 3.85%.

Max LTV: 95%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £295 (£195 online).

Other: Free valuation, free remortgage transfer service, flexible features.

Contact: 0845 766 5522

Pink Home Loans

Product: Discount to 31/3/2005

Funded by: Bristol & West

Description: 2.06% discount to 31/3/2005.

Rate: 3.73%

Max LTV: 95%

Redemption penalty: 5% of the amount repaid until 31/3/2005.

Procuration fee: 0.3%, minimum £150.

Arrangement fee: £399

Other: Annual interest, no adverse credit, no MIG.

Contact: www.pink.uk.net

Chelsea Building Society

Product: Fixed rate mortgage

Description: Fixed until 1/5/2005.

Rate: 2.45%

Max LTV: 95%

Redemption penalty: 6% of the amount repaid until 1/5/2009.

Procuration fee: Negotiable

Arrangement fee: £395

Other: Let to buy is accepted, MIG payable from 90% LTV.

Contact: 0800 291 291

Leeds & Holbeck Building Society

Product: Fixed rate mortgage

Description: Fixed for three years.

Rate: 3.99%

Max LTV: 95%

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

Procuration fee: 0.35%

Arrangement fee: £299

Other: Quoted rate includes 0.24% discount for taking L&H Homecover insurance.

Contact: 0121 643 6741

Product: Fixed rate mortgage

Description: Fixed for five years.

Rate: 4.29%

Max LTV: 95%

Redemption penalty: 5/4/3/2/1 months’ interest at SVR in first five years.

Procuration fee: 0.35%

Arrangement fee: £399

Other: Annual capital repayments of 20% allowed.

Contact: 0121 643 6741

Skipton Building Society

Product: Flexible fixed rate mortgage

Description: Fixed until 31/5/2008.

Rate: 4.69%

Max LTV: 95%

Redemption penalty: 3% of the balance to 31/5/2008.

Procuration fee: Negotiable

Arrangement fee: £395

Other: Annual capital repayments of 10% allowed. Free MIG to 90% LTV, free legal fees for remortgages (£250 cashback in Scotland).

Contact: 08457 171 777

Yorkshire Building Society

Product: 10-year fixed rate mortgage

Description: Fixed until 31/5/2013.

Rate: 4.99%

Max LTV: 95%

Redemption penalty: 5% in years one to five, 4% in years six and seven, 2% from year eight to 31/5/2013.

Procuration fee: Depends on lending partner.

Arrangement fee: £325

Other: £250 contribution to legal fees and refunded valuation on completion, six months’ free ASU, MIG payable from 90% LTV.

Contact: 0845 120 0899

Product: Three-year fee-assist fixed rate mortgage

Description: Fixed until 31/5/2006.

Rate: 4.29%

Max LTV: 95%

Redemption penalty: 3% on full redemption until 31/5/2006.

Procuration fee: Depends on lending partner.

Arrangement fee: None

Other: £250 contribution to legal fees, refunded valuation on completion, six months’ free ASU, MIG from 90% LTV.

Contact: 0845 120 0899

Genesis Home Loans

Product: Gemstones Pearl self-cert discount mortgage

Funded by: Stroud & Swindon Mortgage Company

Description: 0.5% discount until 30/6/2004.

Rate: 5.09%

Max LTV: 85%

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

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: Annual capital repayments of 10% allowed annually. MIG of 6% payable from 75% LTV, no lender reference or statement, no minimum employment period for PAYE or trading period for self employed, no accounts, first-time buyers allowed.

Contact: 01832 275 044

Product: Gemstones Jade self-cert discount mortgage

Funded by: Stroud & Swindon Mortgage Company

Description: 0.5% discount (on SVR + 0.5%) to 30/6/2004 to 90% LTV, 1% discount (on SVR + 1%) to 95% LTV.

Rate: 5.59%

Max LTV: 95%

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

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: Annual capital repayments of 10% allowed annually. No MIG, two years’ accounts required for self-employed, current employment reference to 75% LTV, 12 months reference to 95% LTV.

Contact: 01832 275 044

Pink Home Loans

Product: Self-cert fixed rate mortgage

Funded by: Amber Homeloans

Description: Fixed until 30/4/2008.

Rate: 4.99%

Max LTV: 90%

Redemption penalty: 5% until 30/4/2008.

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

Arrangement fee: £395

Other: Daily interest, MIG of 7% payable from 75% LTV, no first-time buyers.

Contact: www.pink.uk.net

Chelsea Building Society

Product: Prospect scheme 1 impaired credit mortgage

Description: Tracks SVR.

Rate: 5.59%

Max LTV: 90%

Redemption penalty: 4% of amount repaid for first three years after completion.

Procuration fee: Negotiable

Arrangement fee: £395

Other: MIG payable from 80% LTV, up to four CCJs ‘ none in last six months, one late payment ‘ not in last six months, free ASU for two years.

Contact: 0800 291 291

Ipswich Building Society

Product: Base rate tracker mortgage

Description: BBR + 0.75% for the life of the loan.

Rate: 4.5%

Max LTV: 95%

Redemption penalty: One month’s interest in first three years for repayment of over half the capital.

Procuration fee: 0.3% up to £100,000, 0.4% over £100,000.

Arrangement fee: £295 for 80% LTV and above, none below 80% LTV.

Other: Right to buy and self-build are allowed, MIG payable from 90% LTV.

Contact: 01473 211 021

Skipton Building Society

Product: Flexible base rate tracker mortgage

Description: BBR + 0.65% for four years.

Rate: 4.4%

Max LTV: 95%

Redemption penalty: Interest until the end of the month, otherwise unlimited repayment allowed.

Procuration fee: Negotiable

Arrangement fee: £125

Other: Free MIG to 90% LTV, flexible ‘ daily interest, overpayments and payment holidays allowed, free legals for remortgages (£250 cashback in Scotland).

Contact: 0845 717 177

Product: Flexible base rate tracker mortgage with discount

Description: BBR + 0.75% for four years with a 1% discount in year one.

Rate: 3.5%

Max LTV: 95%

Redemption penalty: 2% in year one, 1% in years two, three and four.

Procuration fee: Negotiable

Arrangement fee: £125

Other: Annual capital repayments of 10% allowed annually. Free MIG to 90% LTV, flexible ‘ daily interest, overpayments and payment holidays allowed, free legals for remortgages (£250 cashback in Scotland).

Contact: 08457 171 777

Five-year flexible tracker

UCB Home Loans, the specialist lender of Nationwide, has made a series of changes to its mortgage range.

The range includes a new FlexiPlus five-year tracker mortgage, carrying a rate of 4.6% (BBR + 0.85%). Features include overpayments, underpayments, payment holidays and a drawdown facility. Early redemption penalties apply in the first five years.

Charles Reed, managing director of UCB Home Loans, said: ‘The mortgage market is constantly changing, which is why we have introduced the FlexiPlus five-year tracker to meet the needs and demands of our customers. These improvements to our product range make UCB Home Loans a wise choice in the self-certification market.’

A new range of fixed rate mortgages is also be available, these include a two-year fixed rate at 4.49%, a three-year fixed rate at 4.69% and a five-year fixed rate at 4.99%. UCB is also extending its remortgage package for a limited period.

The remortgage offer is available on two, three and five-year fixed rate mortgages, two and five-year FlexiPlus tracker mortgages and three-year self-certification tracker products.

In addition to a free valuation, it offers £250 cashback on completion and carries no processing fee, MIG premium or extended tie-ins. The mortgage can be taken out for up to 85% of the value of the property.

Contact: 0845 940 1400

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