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Product round-up

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  • 01/07/2003
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

Alliance & Leicester

Product: Flexible discount mortgage

Description: 2.2% discount off SVR for two years.

Rate: 3.59%

Max LTV: 95%

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

Procuration fee: Negotiable

Arrangement fee: £295

Other: Full flexibility, free valuations to all borrowers, further incentives dependent on borrower status.

Contact: 0845 303 3000

Pink Home Loans

Product: Heavy adverse self-cert discount mortgage

Funded by: Platform

Description: 1.07% discount to 01/09/04

Rate: 3.62%

Max LTV: 85%

Redemption penalty: 6% of the amount redeemed in years one and two, 5% in year three, one month’s notice or interest thereafter.

Procuration fee: 1%, minimum £500, maximum £5,000.

Arrangement fee: £395

Other: MIG from 75% LTV at 6.95%, County Court Judgements ignored if under £100, satisfied six months or over three years old. All arrears over 12 months ignored, defaults ignored.

Contact: www.pink.uk.net

Accord Mortgages

Product: Two-year fixed rate mortgage

Description: Fixed until 31/07/05

Rate: 3.69%, 3.99% for fee assisted version.

Max LTV: 95%

Redemption penalty: 3% to 31/07/05

Procuration fee: Negotiable

Arrangement fee: £225, none for fee assist version.

Other: Fee assist version has £500 contribution to legal and valuation fees, flexible features.

Contact: www.accordmortgages.com, 0845 1200870

Accord Mortgages

Product: Five-year fixed rate mortgage

Description: Fixed until 31/07/08

Rate: 4.34%, 4.55% for fee assisted version.

Max LTV: 95%

Redemption penalty: 6% to 31/07/04, 5% to 31/07/06, 4% to 31/07/07, 3% to 31/07/08.

Procuration fee: Negotiable

Arrangement fee: £225, none for fee assist version.

Other: Fee assist version has £500 contribution to legal and valuation fees, flexible features.

Contact: www.accordmortgages.com, 0845 1200 870

Alliance & Leicester

Product: Five-year fixed rate mortgage

Description: Fixed until 31/08/08

Rate: 3.89% or 4.09%

Max LTV: 95%

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

Procuration fee: Negotiable

Arrangement fee: £595 or £295

Other: Full flexibility, free valuations to all borrowers, further incentives dependent on borrower status.

Contact: 0845 303 3000

Alliance & Leicester

Product: Two-year fixed rate mortgage

Description: Fixed until 31/08/05

Rate: 3.39%

Max LTV: 95%

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

Procuration fee: Negotiable

Arrangement fee: £295

Other: Free valuations to all borrowers, further incentives dependent on borrower status.

Contact: 0845 303 3000

Cheshire BS

Product: Fixed rate mortgage

Description: Fixed for 25 years

Rate: 5.14% to 80% LTV, 5.24% to 95% LTV

Max LTV: 95%

Redemption penalty: Details available on request, final five years have no penalties and there are other early repayment windows.

Procuration fee: Refer to lender.

Arrangement fee: £275

Other: Penalty free repayments of £5,000 per annum allowed.

Contact: 01625 613 612

Cheshire BS

Product: Fixed rate mortgage

Description: Fixed for 20 years

Rate: 5.14% to 80% LTV, 5.24% to 95% LTV

Max LTV: 95%

Redemption penalty: Details available on request, final five years have no penalties and there are other early repayment windows.

Procuration fee: Refer to lender

Arrangement fee: £275

Other: Penalty free repayments of £5,000 per annum allowed.

Contact: 01625 613 612

Cheshire BS

Product: Fixed rate mortgage

Description: Fixed for three years

Rate: 3.79% to 80% LTV, 4.07% to 95% LTV

Max LTV: 95%

Redemption penalty: Details on request, will include a £250 representing repayment of legal fees.

Procuration fee: Refer to lender

Arrangement fee: £275

Other: Penalty free repayments of £5,000 per annum allowed.

Contact: 01625 613 612

Kent Reliance BS

Product: Fixed rate mortgage

Description: Fixed for ten years

Rate: 4.78% to 75% LTV, 5.03% to 95% LTV

Max LTV: 95%

Redemption penalty: 3% of amount repaid during fixed rate period

Procuration fee: On application

Arrangement fee: £395

Other: Strictly limited offer.

Contact: 08451 220033

Leeds & Holbeck BS

Product: Fixed rate mortgage

Description: Fixed for ten years

Rate: 4.59%

Max LTV: 95%

Redemption penalty: Tapered from six months’ interest at SVR in the first three years to two months’ interest in the final year.

Procuration fee: 0.25%

Arrangement fee: £399 to £200K, over £200K £399 plus 0.25%

Other: Free MPPI for six months, no MIG to 90% LTV, 10% capital repayments allowed annually without penalty.

Contact: 0121 643 6741

Market Harborough BS

Product: Five-year fixed rate mortgage

Description: Fixed until 01/09/08

Rate: 3.95%

Max LTV: 75%

Redemption penalty: Six months’ interest at SVR during fixed rate period, one months interest or notice thereafter.

Procuration fee: £300 plus £75 if the LTV is less than 75% and loan is more than £75,000.

Arrangement fee: £495

Other: Valuation fee paid, three months’ free buildings and contents insurance plus refund of first three months ASU premiums, capital repayments of up to 10% allowed annually without penalty.

Contact: 01858 463 244

Woolwich

Product: Five-year fixed rate mortgage

Description: Fixed until 31/08/08

Rate: 3.99%

Max LTV: 95%, maximum 90% for remortgages

Redemption penalty: Six months’ interest at SVR until 30/06/08.

Procuration fee: On application

Arrangement fee: £295

Other: Flexible, daily interest, overpayments of up to 10% per annum allowed without penalty.

Contact: 0845 607 1111

Woolwich

Product: Ten-year fixed rate mortgage

Description: Fixed until 31/08/13

Rate: 4.69%

Max LTV: 95%, maximum 90% for remortgages

Redemption penalty: Six months’ interest at SVR until 30/06/13.

Procuration fee: On application

Arrangement fee: £295

Other: Flexible, daily interest, overpayments of up to 5% per annum allowed without penalty.

Contact: 0845 607 1111

Norwich and Peterborough BS

Product: Fixed rate Spanish mortgage

Description: Fixed for three years

Rate: 4.99%

Max LTV: 75%

Redemption penalty: 3% of the current balance in the first three years.

Procuration fee: 0.25%, minimum £125, maximum £1,000

Arrangement fee: £250

Other: Up to 20 years, advance and repayments in Sterling, no compulsory insurance.

Contact: 01733 372006

Norwich and Peterborough BS

Product: Fixed rate Spanish mortgage

Description: Fixed for two years

Rate: 3.99%

Max LTV: 75%

Redemption penalty: 5% of the current balance in years one to three, 4% in year four and 3% in year five.

Procuration fee: 0.25%, minimum £125, maximum £1,000

Arrangement fee: £250

Other: Up to 20 years, advance and repayments in Sterling, no compulsory insurance.

Contact: 01733 372006

The Mortgage Operation

Product: Prime self-cert fixed rate mortgage

Funded by: Platform

Description: Fixed to 01/09/05

Rate: 4.69%

Max LTV: 85%

Redemption penalty: 4% in the fixed rate period, one month’s interest or notice thereafter.

Procuration fee: 0.6%, minimum £275, maximum £2,750

Arrangement fee: £395

Other: MIG from 75% LTV at 6.95%, £1000 cash back, reverts to BBR+1.95%.

Contact: 0845 130 3888

The Mortgage Operation

Product: Prime self-cert flexible tracker mortgage

Funded by: Platform

Description: BBR+1.1% for two years

Rate: 4.85%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.6%, minimum £275, maximum £2,750

Arrangement fee: £395

Other: MIG from 75% LTV at 6.95%, flexible features ‘ over/under payments, payment holidays.

Contact: 0845 130 3888

New euro and Libor tracker from Pink

Pink Home Loans has announced a mortgage, funded by Leeds & Holbeck Building Society that tracks the average of euro and US Libor rates for seven and a half years, with an initial fixed rate of 2.99% until 31/12/03.

The mortgage offers the opportunity to benefit from a rate that has been consistently lower than UK Libor since 1999. Its aim is to produce a less volatile loan rate over the long term than any single Libor rate. The loan is available up to 90% LTV and carries a redemption penalty of 5% to 31/12/08, 4% to 31/12/09 and 3% to 31/12/10. 5% capital repayments allowed each year without penalty.

David Copland, sales and marketing director at Pink Home Loans, comments: “The product is the first of its kind to be launched making it unique in the intermediary mortgage market. It is aimed at the financially astute client wishing to benefit from a tracker product linked to Libor rates in Europe and the US, which are currently lower than in the UK.”

The product carries an arrangement fee of £495 (or £495 + 0.35% of the amount over £500,000). The procuration fee is 0.3%, with a minimum of £150.

Contact: www.pink.uk.net

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