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Product round-up

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  • 05/06/2003
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

Capital Home Loans

Product: Buy-to-let tracker mortgage

Description: BBR+1.24% for term of loan.

Rate: 4.99%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.5% uncapped.

Arrangement fee: 1%

Other: No MIG, rental cover 125%.

Contact: 01252 365801

Coventry BS

Product: Fixed rate buy-to-let mortgage

Description: Fixed to 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: £50 administration fee, discounted legal fees for remortgages.

Contact: 0845 7665522

Ipswich BS

Product: Two-year fixed rate buy-to-let mortgage

Description: Fixed until 31/06/05.

Rate: 5.25%

Max LTV: 80%

Redemption penalty: 3% of the advance if the loan is reduced to below half the original advance in the fixed rate period.

Procuration fee: Negotiable

Arrangement fee: £195

Other: No compulsory insurance.

Contact: 01473 342265

Coventry BS

Product: Flexx capped mortgage

Description: 4.99% capped to 31/07/08.

Rate: 4.99%

Max LTV: 95%

Redemption penalty: None

Procuration fee: On application

Arrangement fee: £295

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

Contact: 0845 7665522

Coventry BS

Product: Flexx Discount mortgage

Description: 1.26% discount from SVR to 31/07/06 then 0.66% discount until 31/07/08.

Rate: 4.39%

Max LTV: 95%

Redemption penalty: None

Procuration fee: On application

Arrangement fee: None

Other: Free valuation and remortgage transfer service

Contact: 0845 7665522

Mercantile BS

Product: Discount remortgage

Description: 2.15% discount on SVR for two years.

Rate: 3.54%

Max LTV: 75%

Redemption penalty: Discount plus valuation fee plus legal costs reclaimed in the first two years.

Procuration fee: 0.25% minimum £150, maximum £250

Arrangement fee: £295

Other: Free legals for applications before 31/07/03, refund of up to £200 for valuation.

Contact: 0500 295 500

Pink Home Loans

Product: Discount mortgage

Funded by: Bristol & West

Description: 1.8% discount for two years.

Rate: 3.99%

Max LTV: 95%

Redemption penalty: 5% of the amount repaid for two years plus redemption admin fee (£100) and deeds release fee (£50).

Procuration fee: 0.3%, minimum £150

Arrangement fee: £299

Other: Annual interest, MIG from 85%-calculated from 75%

Contact: www.pink.uk.net

Alliance & Leicester

Product: Five-year fixed rate mortgage

Description: Fixed until 31/08/08.

Rate: 4.25%

Max LTV: 95%

Redemption penalty: Six months’ gross interest on redemption during fixed rate period.

Procuration fee: Negotiable

Arrangement fee: £295

Other: FTBs, remortgagers, existing borrowers and Premier borrowers all receive differing incentives.

Contact: www.alliance-leicester.co.uk

Alliance & Leicester

Product: Fee saver two-year fixed rate mortgage

Description: Fixed until 31/08/05

Rate: 3.69%

Max LTV: 95%

Redemption penalty: Six months’ gross interest during the discount rate period.

Procuration fee: Negotiable

Arrangement fee: None

Contact: www.alliance-leicester.co.uk

Coventry BS

Product: Fixed rate mortgage

Description: Fixed to 31/12/08.

Rate: 4.45%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/12/08.

Procuration fee: On application

Arrangement fee: £295

Other: 5% overpayments allowed without penalty, free remortgage transfer service.

Contact: 0845 7665522

Genesis Home Loans

Product: Onyx self-cert adverse fixed rate mortgage

Description: Fixed until 01/09/04

Rate: 3.99%

Max LTV: 75%

Redemption penalty: 6% for three years plus £115 discharge fee.

Procuration fee: 1%

Arrangement fee: £495

Other: Two months’ arrears in last 12 months (none in last three) considered, any number of CCJs to £5,000, bankrupts discharged a year. No reference or accounts, no minimum time in employment. FTBs allowed.

Contact: 0870 2421213

Ipswich BS

Product: Three-year fixed rate mortgage

Description: Fixed until 31/06/06

Rate: 4.5% to 80% LTV, 4.95% to 95%

Max LTV: 95%

Redemption penalty: 3% of the advance if the loan is reduced to below half the original advance in the fixed rate period.

Procuration fee: Negotiable

Arrangement fee: £250

Other: No MIG to 90% LTV.

Contact: 01473 342265

Product: Two-year fixed rate mortgage

Description: Fixed until 31/06/05.

Rate: 4.05% to 80% LTV, 4.8% to 95%

Max LTV: 95%

Redemption penalty: 3% of the advance if the loan is reduced to below half the original advance in the fixed rate period.

Procuration fee: Negotiable

Arrangement fee: £250

Other: No MIG to 90% LTV.

Contact: 01473 342265

Product: Two year fixed rate mortgage

Description: Fixed until 31/06/05

Rate: 3.25% to 80% LTV, 3.75% to 95% LTV.

Max LTV: 95%

Redemption penalty: 3% of the advance if the loan is reduced to below half the original advance before 31/06/07.

Procuration fee: Negotiable

Arrangement fee: £250

Other: No MIG to 90% LTV

Contact: 01473 342265

Mercantile BS

Product: Fixed rate mortgage

Description: Fixed to 01/07/05.

Rate: 3.54%

Max LTV: 95%

Redemption penalty: 3% until 01/07/05.

Procuration fee: 0.25%, minimum £150, maximum £250.

Arrangement fee: £295

Other: Portable, capital raising up to 10% of the value of the property allowed.

Contact: 0500 295 500

Product: Fixed rate mortgage

Description: Fixed to 01/07/05.

Rate: 3.54%

Max LTV: 95%

Redemption penalty: 3% until 01/07/05.

Procuration fee: 0.25% minimum £150, maximum £250.

Arrangement fee: £295

Other: Portable, capital raising up to 10% of the value of the property.

Contact: 0500 295 500

Mortgage Express

Product: Three-year fixed rate FlexAbility mortgage.

Description: Fixed until 03/06/06.

Rate: 4.79%

Max LTV: 95%

Redemption penalty: None

Procuration fee: 0.35%

Arrangement fee: £325

Other: No MIG, Flexible features.

Contact: 0500 0500 20

Pink Home Loans

Product: Self-cert tracker

Funded by: Platform

Description: BBR+0.5% for one year from completion.

Rate: 3.25%

Max LTV: 85%

Redemption penalty: 5% of the amount redeemed for two years, one month’s notice or interest thereafter.

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

Arrangement fee: £395

Other: Reverts to BBR+1.95%

Contact: www.pink.uk.net

Skipton BS

Product: Flexible cashback mortgage

Description: Tracks BBR+1.8% for five years.

Rate: 5.55%

Max LTV: 95%

Redemption penalty: 10% capital repayments allowed annually without penalty.

Procuration fee: Negotiable

Arrangement fee: £250

Other: 5% cashback, flexible features, free legals on remortgages.

Contact: 08457 171777

Two remortgage trackers from Halifax

Halifax Intermediaries has announced two new tracker mortgages for home-buyers and homeowners looking for a remortgage. The home-buyer product is a two-year tracker at Bank Base Rate (BBR) -0.06% until 30/09/05, with a 3.69% rate.

Available at up to 80% LTV, the product carries no early repayment penalties and an arrangement fee of £199. The mortgage reverts to the Halifax’s variable rate (currently 5.65%). The remortgage product is also a two-year tracker, until 30/09/05 at BBR+0.14%, giving a rate of 3.89%. It is also available to 80% LTV, carries an arrangement fee of £299 and has no early repayment fees. This product has no valuation fee and legal fees are paid by the lender.

Commenting on the new products, Jack Saxton, head of intermediary market development at Halifax, said: ‘These are fantastic rates available to Halifax Intermediaries. The flexibility of these products combined with the Halifax remortgage offer of no valuation and our legal fees paid will help intermediaries to offer great long term value to their clients.’

Contact: www.halifax-intermediaries.co.uk

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