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Product round-up

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  • 17/06/2003
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

Genesis Home Loans

Product: Andromeda buy-to-let two-year fixed rate mortgage

Description: Fixed until 01/09/05

Rate: 4.65% to 75% LTV, 4.75% to 85% LTV

Max LTV: 85%

Redemption penalty: 4% of the amount redeemed until 01/09/05.

Procuration fee: 0.5%, minimum £250

Arrangement fee: £395

Other: MIG from 75% LTV, reverts to BBR+1.95%.

Contact: 0870 2421213

Product: Hercules buy-to-let two-year fixed rate mortgage

Description: Fixed until 01/09/05

Rate: 4.35% to 75% LTV, 4.45% to 85% LTV.

Max LTV: 85%

Redemption penalty: 4% of the amount redeemed until 01/09/05.

Procuration fee: 0.5%, minimum £250.

Arrangement fee: £395

Other: MIG from 75% LTV, reverts to BBR+1.95%, 3.5+1 or 3x joint self- cert income.

Contact: 0870 2421213

Leeds & Holbeck BS

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

Description: Fixed until 01/08/08

Rate: 4.99%

Max LTV: 75%

Redemption penalty: 5% tapering to 1% until 01/08/08.

Procuration fee: Standard terms apply.

Arrangement fee: £449

Other: Capital repayments of up to 20% allowed annually without penalty.

Contact: 0121 643 6741

Mortgage 2000

Product: Exclusive ten to let tracker mortgage

Funded by: The Mortgage Business

Description: BBR+1.75% for term

Rate: 5.5%

Max LTV: 85%

Redemption penalty: None

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

Arrangement fee: 1%

Other: No MIG

Contact: 0845 345 5701

Pink Home Loans

Product: Buy-to-let fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed to 03/09/13

Rate: 5.35%

Max LTV: 85%

Redemption penalty: Six months’ interest at the fixed rate until 03/09/13.

Procuration fee: 0.5%, no maximum

Arrangement fee: £399

Other: Reverts to BBR+1.75%. Up to one CCJ/default if satisfied 12 months.

Contact: www.pink.uk.net

Product: Discounted buy to let tracker mortgage

Funded by: Derbyshire BS

Description: 0.95% discount for four years.

Rate: 4.55%

Max LTV: 80%

Redemption penalty: 2% of the amount repaid for four years.

Procuration fee: 0.35%, minimum £150, maximum £500.

Arrangement fee: £475

Other: Free valuation

Contact: www.pink.uk.net

Leeds & Holbeck

Product: Discount mortgage

Description: 2% discount for three years.

Rate: 3.65%

Max LTV: 95%

Redemption penalty: Tapered charges of six, five, four months’ interest at SVR over the first three years.

Procuration fee: Standard rates apply

Arrangement fee: £299

Other: No MIG to 90% LTV.

Contact: 0121 643 6741

Bristol & West

Product: Two-year fixed rate mortgage

Description: Fixed until 31/07/05

Rate: 3.39%

Max LTV: 95%

Redemption penalty: 5% until 31/07/05.

Procuration fee: Negotiable

Arrangement fee: £299

Contact: 0117 943 7755

Product: Five-year fixed rate mortgage

Description: Fixed until 31/07/08

Rate: 3.95%

Max LTV: 95%

Redemption penalty: 7% until 31/07/04, 6% until 31/07/06, 5% until 31/07/08.

Procuration fee: Negotiable

Arrangement fee: £299

Contact: 0117 943 7755

Norwich and Peterborough BS

Product: Fixed rate mortgage

Description: Fixed for 10 years

Rate: 4.78%

Max LTV: 90%

Redemption penalty: 5% of the outstanding balance for the first seven years, 4%: year eight, 3%: year nine, 2%: year ten.

Procuration fee: 0.25%

Arrangement fee: £325

Other: No compulsory insurance, flexible features.

Contact: 0845 300 3444

Woolwich

Product: Openplan flexible two-year fixed rate mortgage

Description: Fixed until 31/08/05

Rate: 3.59%

Max LTV: 95%, remortgages 90%

Redemption penalty: Six months’ interest at the fixed rate interest or Woolwich SVR, whichever is higher, to 31/08/05.

Procuration fee: On application

Arrangement fee: £295

Other: Capital repayments of up to 10% allowed annually without penalty.

Contact: 0845 604 0581

Product: Open plan flexible three-year fixed rate mortgage

Description: Fixed until 31/08/06

Rate: 3.99%

Max LTV: 95%, remortgages 90%

Redemption penalty: Six months’ interest at the fixed rate interest or Woolwich SVR, whichever is higher, to 31/08/06.

Procuration fee: On application

Arrangement fee: £295

Other: Capital repayments of up to 10% allowed annually without penalty.

Contact: 0845 604 0581

Product: Open plan flexible five-year fixed rate mortgage

Description: Fixed until 31/08/08

Rate: 4.29%

Max LTV: 95%, remortgages 90%

Redemption penalty: Six months’ interest at the fixed rate interest or Woolwich SVR, whichever is higher, to 31/08/08.

Procuration fee: On application

Arrangement fee: £295

Other: Capital repayments of up to 10% allowed annually without penalty.

Contact: 0845 604 0581

County Mortgages

Product: Self-cert fixed rate mortgage

Funded by: Bristol & West

Description: Fixed for 48 months

Rate: 4.85% to 75%LTV, 5.09% to 85% LTV, 5.29% to 90% LTV

Max LTV: 90%

Redemption penalty: 6% of sum repaid for 12 months, 5% for 24 months then 4% for a further 12 months

Procuration fee: 0.5%

Arrangement fee: £299

Other: No MIG, FTBs allowed. Employed and self-employed.

Contact: 01489 886777

Genesis Home Loans

Product: Pegasus flexible self-cert mortgage

Description: BBR+1.48% for life

Rate: 5.23%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.5%, minimum £250

Arrangement fee: £395

Other: Employed and self-employed, FTBs acceptable, over/under-payments and holidays allowed.

Contact: 0870 2421213

Mortgage 2000

Product: Exclusive self-cert discount 2004

Funded by: The Mortgage Business

Description: 1.4% discount until 01/07/04

Rate: 4.34%

Max LTV: 85%

Redemption penalty: Three, two, one month’s interest at base (currently 5.74%) in the first three years, one month’s interest or notice thereafter.

Procuration fee: 0.5%, maximum £2,500

Arrangement fee: £299

Contact: 0845 345 5701

Bristol & West

Product: Three-year tracker mortgage

Description: BBR+0.05% until 31/07/06

Rate: 3.8%

Max LTV: 75%

Redemption penalty: 5% until 31/07/05, 4% until 31/07/07.

Procuration fee: Negotiable

Arrangement fee: £299

Other: No valuation fee, £300 cash back

Contact: 0117 943 7755

Genesis Home Loans

Product: Orion full status one-year tracker

Description: BBR+0.5% for one year

Rate: 4.25%

Max LTV: 95%

Redemption penalty: One month’s notice or 1% of amount redeemed.

Procuration fee: 0.35%

Arrangement fee: £395

Other: FTBs allowed, reverts to BBR+1.25%

Contact: 0870 2421213

Leeds & Holbeck BS

Product: Fee-free tracker mortgage

Description: BBR+0.24% to 90% LTV until 01/08/05, BBR+0.74% to 95% LTV until 01/08/05.

Rate: 3.99%/4.49%

Max LTV: 95%

Redemption penalty: Tapered charges of six/five/four months’ interest at SVR until 01/08/05.

Procuration fee: Standard terms apply

Arrangement fee: None

Other: No MIG, free valuation to £250, free legals for remortgages.

Contact: 0121 643 6741

Leeds & Holbeck helps younger buyers

Leeds & Holbeck Building Society has introduced a ˜First Steps’ guarantor mortgage enabling young professional buyers to borrow up to £250,000 with assistance from their family. It offers a stepped rate of 4.49% to 90% LTV until August 2005, then 5.49% until August 2008. A LTV to 95% carries a rate of 4.99% until August 2005 then 5.99% until August 2008.

Aimed at Greater London ‘ where many young professionals and graduates seek their first job ‘ but where the average one bedroom flat currently costs around £195,100 ‘ the ˜First Steps’ mortgage uses parents (or another close family members) income as a basis for borrowing an increased amount. The maximum mortgage available is calculated on the guarantor’s income less existing commitments.

The Society’s normal income criteria is applied to assess the mortgage, but by using the guarantor’s income as a basis for the maximum loan.

The guarantor can be released at any time providing the borrowers income covers the outstanding mortgage. Capital repayments of up to 20% are allowed each year penalty free, with redemption penalties set at five, four, three, two, one month’s interest at SVR in the first five years.

Contact: 08450 50 50 62

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