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Product round-up

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  • 21/05/2003
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

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

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