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Product round-up

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  • 15/07/2003
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Key features of recently launched or relaunched mortgage products

Pink Home Loans

Product: Buy-to-let fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed to 03/09/08

Rate: 4.99%

Max LTV: 85%

Redemption Penalty: Six months’ interest at the fixed rate until 03/09/08

Procuration Fee: 0.5%, no maximum

Arrangement Fee: £399

Other: Underlying rate BBR+1.75%, no MIG, up to one CCJ/default satisfied 12 months previously.

Contact: www.pink.uk.net

Pink Home Loans

Product: Buy-to-let fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 03/09/04

Rate: 2.49%

Max LTV: 85%

Redemption Penalty: Six months’ interest at the underlying variable rate until 03/09/06

Procuration Fee: 0.5%, no maximum

Arrangement Fee: £399

Other: Underlying variable rate BBR+ 1.75%, no MIG, up to one CCJ/default satisfied 12 months previously.

Contact: www.pink.uk.net

Market Harborough BS

Product: Lifetime discount mortgage

Description: 1.3% discount for life of mortgage

Rate: 4.34%

Max LTV: 90%

Redemption penalty: None, one month’s notice required

Procuration fee: Refer to lender

Arrangement fee: £95

Other: Free buildings and contents insurance for three months, refund of the first three months premiums on ASU. Free valuation.

Contact: 01858 463244

Chelsea BS

Product: Fixed rate mortgage

Description: Fixed until 01/08/05

Rate: 3.48%

Max LTV: 95%

Redemption Penalty: 3% until 01/08/05

Procuration Fee: Negotiable

Arrangement Fee: £295

Other: Free legal fees or £200 contribution to legal fees in NI or Scotland, MIG from 90%.

Contact: 0800 29291

Chelsea BS

Product: Fixed rate mortgage

Description: Fixed until 01/08/06

Rate: 3.79%

Max LTV: 95%

Redemption Penalty: 3% until 01/08/06

Procuration Fee: Negotiable

Arrangement Fee: £295

Other: Free legal fees or £200 contribution to legal fees in NI or Scotland, MIG from 90%.

Contact: 0800 29291

Halifax

Product: Fixed rate mortgage

Description: Fixed for 10 years

Rate: 4.99%

Max LTV: 97%

Redemption penalty: 5% for the first six years, 4% in year seven, 3% in year eight, 2% in year nine and 1% in year 10.

Procuration fee: Refer to lender

Arrangement fee: £199

Other: Up to 10% capital repayment allowed annually without penalty, portable.

Contact: 08457 273747

Halifax

Product: Fixed rate mortgage

Description: Fixed for five years

Rate: 3.99% to 80% LTV, 4.39% to 97% LTV, for remortgages 4.39% and 4.79% respectively

Max LTV: 97%

Redemption Penalty: 5% for the first year, 4% in year two, 3% in year three, 2% in year four, 1% in year five.

Procuration fee: Refer to lender

Arrangement fee: £199

Other: Up to 10% capital repayment allowed annually without penalty, portable.

Contact: 08457 273747

Market Harborough BS

Product: Fixed rate mortgage

Description: Fixed for two years

Rate: 1.35%

Max LTV: 90%

Redemption penalty: 5% in the first three years, 3% in year four and 2% in year five, 10% overpayment in each calendar year allowed without penalty.

Procuration fee: Refer to lender

Arrangement fee: £295

Other: Free buildings and contents insurance for three months, refund of the first three months premiums on ASU. Free valuation.

Contact: 01858 463244

Nationwide

Product: Fixed rate mortgage

Description: Fixed for five years

Rate: 4.09% to 75%LTV, 4.19% to 90%LTV, 4.49% to 95% LTV

Max LTV: 95%

Redemption penalty: 5%, 4%, 3%, 2%, 1% in the first five years

Procuration fee: Refer to lender

Arrangement fee: £185

Other: No MIG, 12 months free MPPI, remortgage valuation fees refunded, flexible features, daily interest.

Contact: 0800 302010

Nationwide

Product: Fixed rate mortgage

Description: Fixed for three years

Rate: 3.89% to 75%LTV, 3.99% to 90%LTV, 4.29% to 95%LTV

Max LTV: 95%

Redemption penalty: 3%, 2%, 1% in the first three years

Procuration fee: Refer to lender

Arrangement fee: £185

Other: No MIG, 12 months free MPPI, remortgage valuation fees refunded, flexible features, daily interest.

Contact: 0800 302010

Nationwide

Product: Fixed rate mortgage

Description: Fixed for two years

Rate: 3.59% to 75%LTV, 3.69% to 90%LTV, 3.99% to 95%LTV

Max LTV: 95%

Redemption penalty: 2%, 1% in the first two years

Procuration fee: Refer to lender

Arrangement fee: £185

Other: No MIG, 12 months free MPPI, remortgage valuation fees refunded, flexible features, daily interest.

Contact: 0800 302010

Skipton BS

Product: Flexible three-year fixed rate mortgage

Description: Fixed until 30/09/06

Rate: 3.99%

Max LTV: 95%

Redemption penalty: 3% to 30/09/06, up to 10% repayments allowed annually without penalty

Procuration fee: Negotiable

Arrangement fee: £295

Other: Reverts to SVR with 0.75% discount, free valuation, free ASU cover for six months, 0.5% cash back.

Contact: 0845 7 17 1777

Genesis Home Loans

Product: Apollo 5 self cert fixed rate mortgage

Funded by: GMAC-RFC

Description: Fixed until 01/09/05

Rate: 5.89%

Max LTV: 85%

Redemption penalty: 6%, 5%, 4%, interest for the first three years, thereafter one month’s notice or interest in lieu

Procuration fee: Refer to packager

Arrangement fee: £395

Other: No MIG, maximum £7,500 CCJs, three months arrears in last 12 months, defaults ignored, newly discharged bankrupts allowed.

Contact: 0870 242 1213

Genesis Home Loans

Product: Apollo 4 self-cert fixed rate mortgage

Funded by: GMAC-RFC

Description: Fixed until 01/09/05

Rate: 5.89%

Max LTV: 75%

Redemption penalty: 6%, 5%, 4%, interest for the first three years, thereafter one month’s notice or interest in lieu

Procuration fee: Refer to packager

Arrangement fee: £395

Other: No MIG, unlimited CCJs, unlimited arrears, defaults ignored, newly discharged bankrupts allowed.

Contact: 0870 242 1213

Mortgage Next

Product: Self-cert fixed rate mortgage

Funded by: Platform

Description: Fixed until 01/09/05

Rate: 4.39%

Max LTV: 85%

Redemption penalty: 5% on full or part redemption until 01/09/05

Procuration fee: 0.6%

Arrangement fee: £395

Other: Reverts to BBR+1.95%

Contact: 01883 333100

Mortgage Next

Product: Self-cert fixed rate mortgage

Funded by: Platform

Description: Fixed until 01/09/05

Rate: 4.59%

Max LTV: 85%

Redemption penalty: 5% on full or part redemption until 01/09/05

Procuration fee: 0.6%

Arrangement fee: £395

Other: Reverts to BBR+1.95%, £500 cash back.

Contact: 01883 333100

Pink Home Loans

Product: Self-cert fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 03/09/06

Rate: 4.95%

Max LTV: 90%

Redemption penalty: Six months’ interest at the fixed rate until 03/09/06

Procuration fee: 0.5%

Arrangement fee: £325

Other: Underlying rate BBR+2%, no MIG, up to one CCJ/default satisfied 12 months previously.

Contact: www.pink.uk.net

Pink Home Loans

Product: Self-cert fixed rate mortgage

Funded by: BM Solutions

Description: Fixed until 01/09/05

Rate: 5.49%

Max LTV: 85%

Redemption penalty: 5% of the amount repaid to 01/09/04 then 4% of the amount repaid to 01/09/05

Procuration fee: 0.75%, minimum £250, maximum £5,000

Arrangement fee: £399

Other: Underlying rate BBR+2.25%, no MIG, CCJs registered over three years ago, arrears registered over 12 months ago and all defaults ignored. CCJs to £7,500 in the last three years allowed, up to three months arrears in the last 12 allowed.

Contact: www.pink.uk.net

Irish Permanent offers offshore option

Irish Permanent International (IPI) has introduced a new mortgage product, Offshore Remortgage, designed to allow buy-to-let investors to release equity on their existing properties.

The product allows the borrower to take advantage of an offshore tax jurisdiction and is available as a flexi- tracker at 5.24% (Bank Base + 1.49%), a two-year fixed at 5.24% or a three-year fixed at 5.49%. Early redemption attracts a penalty of 5% of the redeeming balance in the fixed rate period, but the tracker product has no early redemption penalty.

The Offshore Remortgage allows borrowers with offshore companies or trusts to re-mortgage their existing properties at up to 85% LTV. The mortgage has a 1% arrangement fee and is MIG free. The procuration fee uncapped at 0.5%. The maximum loan size is 85% of £1m, and, as self-certification, a limit of £350,000 is placed upon the self-employed.

Graham Hanrahan, business development manager at IPI, said: ‘This is a good opportunity to remortgage. The borrower now has the option of setting up an offshore company and remortgaging through that company.’ The product is available to individuals who set up an offshore company or trust.

Contact: 01624 641641

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