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Product round-up

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  • 11/08/2003
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Key features of recently launched or relaunched mortgage products

Coventry BS

Product: Buy-to-let fixed-rate mortgage

Description: Fixed until 31/12/07

Rate: 5.39%

Max LTV: 85%

Redemption penalty: Six months’ interest until 31/12/07.

Procuration fee: Negotiable

Arrangement fee: £375

Other: £50 mortgage administration fee, discounted legal fees for remortgagers.

Contact: 0845 766 5522

Ipswich BS

Product: Buy-to-let fixed-rate mortgage

Description: Fixed until 31/10/05

Rate: 5.25%

Max LTV: 80%

Redemption penalty: 3% of the original advance if loan redeemed or reduced to half original amount in the fixed-rate period.

Procuration fee: Negotiable

Arrangement fee: £195

Other: No compulsory insurances.

Contact: 01743 342265

Coventry BS

Product: Flexx capped mortgage

Description: Capped at 4.99% until 31/07/08

Rate: 4.99%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £295

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

Contact: 0845 766 5522

Co-op Bank

Product: Discount rate mortgage

Description: Discount of 1.5% from SVR (4.84%) for two years.

Rate: 3.34%

Max LTV: 95%

Redemption penalty: None

Procuration fee: 0.35%

Arrangement fee: £300

Other: Free legals for remortgage and free valuation to £300,000 outside London, £500,000 inside.

Contact: 08 000 288 288

Norwich Union Mortgage Club

Product: Two-year discount mortgage

Funded by: West Bromwich BS

Description: 1.25% discount for two years

Rate: 4.4%

Max LTV: 95%

Redemption penalty: Interest charged to the end of the month in which the redemption occurs.

Procuration fee: 0.4%, maximum £1,000

Arrangement fee: £295

Other: No MIG, £250 cash back for purchases, free legals for remortgages, free valuation to a maximum of £325.

Contact: 0845 845 1388

Scarborough BS

Product: Flexible lifetime discount mortgage

Description: 1.44% discount for the life of the loan

Rate: 4.4%

Max LTV: 90%

Redemption penalty: None

Procuration fee: Refer to lender

Arrangement fee: £240

Other: Refunded valuation fee, flexible features, monthly interest.

Contact: 0870 5133 149

Accord Mortgages

Product: Three-year fixed-rate mortgage

Description: Fixed until 30/09/06

Rate: 4.05%

Max LTV: 95%

Redemption penalty: 5%,4%,3%, in the first three years.

Procuration fee: Refer to lender

Arrangement fee: None

Other: £500 contribution to legal expenses.

Contact: 0845 1200 870

Accord Mortgages

Product: Five-year fixed-rate mortgage

Description: Fixed until 30/09/08

Rate: Choice of 4.34% or 4.55%

Max LTV: 95%

Redemption penalty: 6% in first year, 5% in next two years, then 4% and 3% for next two years respectively, overpayments allowed without penalty.

Procuration fee: Refer to lender

Arrangement fee: £225 plus £100 application fee for 4.34% option, none otherwise.

Other: £500 contribution to legal expenses for 4.55% option.

Contact: 0845 1200 870

Chelsea BS

Product: Fixed-rate mortgage

Description: Fixed until 01/09/05

Rate: 3.29%

Max LTV: 95%

Redemption penalty: 3% until 01/09/05

Procuration fee: Negotiable

Arrangement fee: £295

Other: £245 admin fee

Contact: 08702 404808

Coventry BS

Product: Fixed-rate mortgage

Description: Fixed until 31/12/08

Rate: 4.6%

Max LTV: 95%

Redemption penalty: Six months’ interest until 31/12/08

Procuration fee: Negotiable

Arrangement fee: None

Other: Free valuation, free remortgage transfer service, 5% capital repayments allowed annually without penalty.

Contact: 0845 766 5522

Ipswich BS

Product: Two-year fixed-rate mortgage

Description: Fixed until 31/10/05

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

Max LTV: 95%

Redemption penalty: 3% of the original advance if loan redeemed or reduced to half original amount in the fixed rate period.

Procuration fee: Negotiable

Arrangement fee: £250

Other: Higher lending fee charged from 90% to 95% LTV.

Contact: 01743 342265

Norwich Union Mortgage Club

Product: Two-year fixed-rate mortgage

Funded by: Leeds & Holbeck BS

Description: Fixed until 01/10/05

Rate: 3.79%

Max LTV: 95%

Redemption penalty: Six months’ interest until 01/10/04 then four months’ interest until 01/10/05.

Procuration fee: 0.35%, minimum £200, maximum £1,750

Arrangement fee: £299

Other: 20% capital repayments allowed annually without penalty.

Contact: 0845 845 1388

Pink Home Loans

Product: Two-year 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, 4% to 01/09/05.

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

Arrangement fee: £399

Other: CCJs to £7,500 allowed, up to three months arrears in the last 12 allowed, no adverse in the last three months.

Contact: www.pink.uk.net

Scarborough BS

Product: Flexible fixed-rate mortgage

Description: Fixed for three years

Rate: 5.59%

Max LTV: 85%

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

Procuration fee: Refer to lender

Arrangement fee: None

Other: 3% money back, no MIG, 5% capital repayments allowed annually without penalty.

Contact: 0870 5133 149

Accord Mortgages

Product: Tracker mortgage

Description: BBR-0.2% or BBR+0.25% both for two years

Rate: 3.3% or 3.75%

Max LTV: 95%

Redemption penalty: 3% of the amount originally borrowed in the tracker period.

Procuration fee: Refer to lender

Arrangement fee: £325 for 3.3% option

Other: £500 contribution to legal expenses for 3.75% option.

Contact: 0845 1200 870

Norwich Union Mortgage Club

Product: Lifetime tracker mortgage

Funded by: Norwich & Peterborough Building Society

Description: BBR+0.45% for term

Rate: 3.95%

Max LTV: 95% for purchase, 90% for remortgage.

Redemption penalty: None

Procuration fee: 0.35%, maximum £1,000

Arrangement fee: £299

Other: Free valuation to maximum £320, free legals for remortgages.

Contact: 0845 845 1388

Pink Home Loans

Product: Self-cert lifetime tracker mortgage

Funded by: Platform

Description: BBR+0.99% for life of the mortgage.

Rate: 4.49%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.6%, minimum £250, maximum £2,500.

Arrangement fee: £395

Other: Daily interest and drawdown facility, over/ underpayments and payment holidays allowed.

Contact: www.pink.uk.net

Scarborough BS

Product: Flexible base rate tracker mortgage

Description: BBR+0.64% for term

Rate: 4.39%

Max LTV: 90%

Redemption penalty: None

Procuration fee: Refer to lender

Arrangement fee: None

Other: £250 cash back, refunded valuation, no MIG.

Contact: 0870 5133 149

Genesis unveils fees-free remortgage

Genesis Direct has linked up with Norwich & Peterborough Building Society and launched an exclusive, limited funds, fees-free remortgage. The product is a bank base rate (BBR) tracker at 0.5% above BBR for the term of the mortgage, giving a current pay rate of 4%.

It has no early redemption fees and is available for both purchases or remortgages up to a maximum of 90% LTV. The product also benefits from a free standard valuation report and free legal service.

John Lee, head of sales and marketing at Genesis Home Loans, said: ‘We are delighted to be able to offer this product to our intermediaries as it represents real value for the client, with a low, long term rate and no early redemption fees, plus free legals and valuation. With such a good deal on offer we are sure that it will be very popular among brokers and their clients, but with a limited tranche of funds available it may not last long.’

The mortgage carries an arrangement fee of £299 and it is available to both employed and self-employed clients. Refer to packager for procuration fees.

Contact: www.ghlplc.co.uk or 0870 2421213

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