Coventry Building Society
Product: Fixed buy-to-let mortgage Description: Fixed until 31/12/07 Rate: 5.39%
Max LTV: 85%
Redemption penalty: Six months’ interest to 31.12.07.
Procuration fee: On application
Arrangement fee: £375
Other: Discounted legal fees for remortgagors
Contact: 08457665522
Product: Variable buy-to-let mortgage
Description: Guaranteed to be no more than 2% above BBR.
Rate: 5.75%
Max LTV: 85%
Redemption penalty: None
Procuration fee: On application
Arrangement fee: None
Other: Discounted legal fees for remortgagors
Contact: 08457665522
GMAC RFC
Product: Fixed rate mortgage Description: Fixed until 01/08/05 Rate: 4.65%/4.95% to 75%/85% LTV
Max LTV: 85%
Redemption penalty: 3% in fixed rate period.
Procuration fee: 0.5%
Arrangement fee: £395
Other: Up to £2m property portfolio
Contact: 01344 477477
Woolwich
Product: Five year fixed rate buy-to-let mortgage
Description: Fixed until 01/07/08
Rate: 5.39%
Max LTV: 75%
Redemption penalty: Six months’ interest at the buy-to-let standard variable rate or fixed rate (whichever is higher) until 01/07/08.
Procuration fee: On application
Arrangement fee: £350
Other: Minimum loan £35,000, max loan £500,000.
Contact: 0845 6040581
Bradford & Bingley
Product: Flexible capped mortgage
Funded by: Co-Op Bank
Description: Capped for three years
Rate: 3.99%
Max LTV: 95%
Redemption penalty: 2% to 31/07/06, but capital repayments of up to 10% allowed annually without penalty.
Procuration fee:
Arrangement fee: £395
Other: Minimum age for 95% LTV is 25.
Contact: 0800 113333
Kent Reliance Building Society
Product: Discounted variable mortgage
Description: 1.7% discount for three years.
Rate: 3.73%
Max LTV: 95%
Redemption penalty: 3% in discount period.
Procuration fee: On application
Arrangement fee: £295
Other: Rate drops to 3.58% for LTVs under 75%.
Contact: 08451 220033
Product: Discounted variable mortgage.
Description:1.25% discount for five years.
Rate: 4.18%
Max LTV: 95%
Redemption penalty: 3% in discount period.
Procuration fee: On application
Arrangement fee: £295
Other: For remortgage, valuation fee refunded and free legal work.
Contact: 08451 220033
Mercantile Building Society
Product: Discount remortgage Description: 1.65% discount for three years.
Rate: 4.04%
Max LTV: 75%
Redemption penalty: Discount and valuation fee and legal costs reclaimed.
Procuration fee: 0.25% of loan amount (min £150 max £250).
Arrangement fee: None if in
North East England, otherwise
£295.
Other: Capital repayments of up
to 10% allowed annually without penalty.
Contact: 0500 295 500
Product: Discount mortgage
Description: 2.05% discount for three years.
Rate: 3.64%
Max LTV: 80%
Redemption penalty: Discount reclaimed
Procuration fee: 0.25% of loan amount (min £150 max £250).
Arrangement fee: None if in North East England, otherwise £295.
Other: Daily interest
Contact: 0500 295 500
Product: Discount mortgage
Description: 1.7% discount for three years.
Rate: 3.99%
Max LTV: 95%
Redemption penalty: Discount reclaimed
Procuration fee: 0.25% of loan amount (min £150 max £250).
Arrangement fee: None if in North East England, otherwise £295
Other: Daily interest
Contact: 0500 295 500
Pink Home Loans
Product: Discounted self-cert
Funded by: Platform
Description: 2.45% discount for one year.
Rate: 3.25%
Max LTV: 85%
Redemption penalty: 5% of amount redeemed for two years.
Procuration fee: 0.5% (min. £250 max. £2500)
Arrangement fee: £395
Other: Reverts to BBR plus 1.95%, daily interest.
Contact: www.pink.uk.net
Product: Two-year discount
Funded by: Bristol & West
Description: 2.04% discount for two years
Rate: 3.75%
Max LTV: 85%
Redemption penalty: 5% of amount repaid for two years plus administration fee.
Procuration fee: 0.3% (min £150)
Arrangement fee: £199
Other: Reverts to SVR.
Contact: www.pink.net.uk
Genesis Home Loans
Product: Self-cert adverse credit fixed rate
Description: Fixed until 01/09/04.
Rate: 3.99%
Max LTV: 75%
Redemption penalty: 6% for three years + £115 discharge fee.
Procuration fee: 1% of loan
Arrangement fee: £495
Other: For adverse credit max two months’ arrears in last 12 months (none in last three months). Any number of CCJ’s up to £5,000. (All CCJ’s over three years ignored). All defaults ignored. IVA ‘ satisfied one year. Bankruptcy ‘ discharged.
Contact: 08702421213
Kent Reliance Building Society
Product: Fixed rate mortgage
Description: Fixed for three years
Rate: 3.88%
Max LTV: 95%
Redemption penalty: 3% in fixed period
Procuration fee: On application
Arrangement fee: £295
Other: Two year fix available at rate of 3.43%
Contact: 08451 220033
Legal & General Mortgage Club
Product: Stepped fixed rate mortgage
Funded by: Accord Mortgages
Description: Initial fix to 31/07/04 followed by 4.1% until 31/07/06.
Rate: 3.49%
Max LTV: 95%
Redemption penalty: 5% of initial amount borrowed in year one, 4% of initial amount in year two and then 3% of initial amount in year three.
Procuration fee: £200 average (details on application)
Arrangement fee: £350
Other: Interest calculated on daily basis.
Contact: mortgageclub@landg.com
Woolwich
Product: Openplan Flexible Mortgage
Description: Fixed until 30/06/05.
Rate: 3.79%
Max LTV: 95%
Redemption penalty: Six months’ interest at the fixed rate or SVR whichever is higher to 30.06.05.
Procuration fee: On application
Arrangement fee: £295
Other: Max LTV 90% for remortgagors
Contact: 02920 547697
Mortgage 2000
Product: Bank base rate tracker
Funded by: BM Solutions
Description: Fixed for 2 years
Rate: 4.29%
Max LTV: 85%
Redemption penalty: 5% of outstanding loan in first year, 4% of outstanding loan next year.
Procuration fee: 0.5% (min. £200 max. £5,000)
Arrangement fee: £399
Other: Free MIG
Contact: 0845 345 5701
Product: Bank base rate tracker
Description: Tracks BBR for full term
Rate: 4.49% to 75% LTV(BBR + 0.74%, 4.89% to 85% LTV (LIBOR + 1.14%)
Max LTV: 85%
Redemption penalty: 4% first year, 3% second year, 2% third year, 1% fourth year.
Procuration fee: 0.5%
Arrangement fee: £395
Other: Up to £2m property portfolio
Contact: 01344 474474
Woolwich
Product: Openplan Flexible Mortgage
Description: Barclays Bank Base Rate + 0.85%.
Rate:4.6%
Max LTV: 95%
Redemption penalty: None
Procuration fee: On application
Arrangement fee: £245
Other: Remortgagors max. 90%LTV
Contact: 02920 547697
IPI looks to attract
Isle of Man lender Irish Permanent International (IPI) is looking to attract more offshore borrowers, and has revamped its mortgage products. Offshore mortgages can be taken out by UK residents with dual or overseas nationality, as well as expats. The benefits they bring include the reduction or elimination of stamp duty, Capital Gains Tax and Income Tax on net rental income.
IPI has introduced a new buy-to- let two-year fix product. The rate is fixed at 5.25% with loan-to-values available up to 85%, of properties valued at £1m or less. A move away from the product in the fixed period will incur a redemption penalty of 5% of the redeeming balance. There is an arrangement fee of 1% of the loan with a minimum of £1000.
Gary Hanrahan, business development manager at IPI, said: ‘There are several million people in the UK that could take advantage of offshore mortgages but do not. This is almost completely ignored by lenders and the limited number of mortgages that have been on offer are not that special. We think our new range will change all that. For investors to accrue the tax savings that are open to them, they must set up an offshore trust or company. To do this will typically cost around £1,500.’
Contact: 0162 4641641