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Product round-up

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  • 22/08/2003
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Key features of recently launched or relaunched mortgage products

M2000

Product: Exclusive ‘house to house’ buy-to-let tracker mortgage

Funded by: The Mortgage Business

Description: BBR+1.29% for life of loan

Rate: 4.79%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.5%, maximum £2,500

Arrangement fee: £499

Contact: 0845 345 5701

Pink Home Loans

Product: CAV-Buy-to-let tracker mortgage

Funded by: BM Solutions

Description: BBR+1.45% for five years

Rate: 4.95%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.5%, minimum £200, maximum £5,000

Arrangement fee: £399

Other: Reverts to BBR+1.95%

Contact: www.pink.uk.net

Genesis Home Loans

Product: ‘Metals & Elements’ super light A discount mortgage

Description: 1.25% discount until 28/02/05

Rate: 6.5%

Max LTV: 90%

Redemption penalty: 6% for three years, one month’s notice or interest thereafter.

Procuration fee: Refer to packager

Arrangement fee: £395

Other: MIG above 75%, CCJs to £2,000, defaults ignored, one month arrears in last 12 allowed, bankrupts discharged two years.

Contact: 0870 242 1213

Genesis Home Loans

Product: ‘Metals & Elements’ Heavy D discount mortgage

Description: 1.75% discount to 28/02/05

Rate: Full status- 5.2% purchase, 5.45% remortgage, self cert- 5.45% purchase, 5.7% remortgage.

Max LTV: 70%

Redemption penalty: 6% for three years, one month’s notice or interest thereafter.

Procuration fee: Refer to packager

Arrangement fee: £395

Other: Any amount of CCJs, defaults ignored, any amount of arrears, bankrupts discharged.

Contact: 0870 242 1213

Alliance & Leicester

Product: Fixed rate mortgage

Description: Fixed until 31/10/05

Rate: 3.39%

Max LTV: 95%

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

Procuration fee: Negotiable

Arrangement fee: £345

Other: Incentives vary with customer status. £250 cash back and free valuation for FTBs and A&L customer moving home.

Contact: www.al.intermediary.co.uk

Alliance & Leicester

Product: Fixed rate mortgage

Description: Fixed until 31/10/08

Rate: 4.15%

Max LTV: 95%

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

Procuration fee: Negotiable

Arrangement fee: £545

Other: Incentives vary with customer status. £250 cash back and free valuation for FTBs and A&L customer moving home.

Contact: www.al.intermediary.co.uk

Chelsea BS

Product: Fixed rate mortgage

Description: Fixed until 01/09/05

Rate: 3.59%

Max LTV: 95%

Redemption penalty: 3% until 01/09/05

Procuration fee: Negotiable

Arrangement fee: £295

Other: Free legal fees or £200 contribution.

Contact: 0800 291 291

Chelsea BS

Product: Fixed rate mortgage

Description: Fixed until 01/09/06

Rate: 3.99%

Max LTV: 95%

Redemption penalty: 3% until 01/09/06

Procuration fee: Negotiable

Arrangement fee: £295

Other: Free legal fees or £200 contribution.

Contact: 0800 291 291

M2000

Product: Self-cert fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 03/09/06

Rate: 4.59%

Max LTV: 80%

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

Procuration fee: 0.5%

Arrangement fee: £325

Contact: 0845 345 5701

Pink Home Loans

Product: ‘QRX’ self-cert fixed rate adverse mortgage

Funded by: BM Solutions

Description: Fixed until 01/11/05

Rate: 5.94%

Max LTV: 75%

Redemption penalty: 5% of the amount repaid to 01/11/04 then 4% to 01/11/05.

Procuration fee: 1.5%, minimum £250, maximum £5,000

Arrangement fee: £349

Other: £300 cash back, unlimited CCJs, and arrears, bankrupts-discharged, CCJs over three years, arrears over 12 months, and all defaults, ignored.

Contact: www.pink.uk.net

Pink Home Loans

Product: Self-cert 90% discount mortgage

Funded by: The Mortgage Business

Description: 2% discount until 30/09/04

Rate: 4.24%

Max LTV: 90%

Redemption penalty: 1% gross interest on the original loan until 30/09/06.

Procuration fee: 0.5%, maximum £2,500, over £500,000-by negotiation.

Arrangement fee: £299

Other: Adverse over three years ignored, no more than three CCJs or defaults in last three years, explanation needed, no FTBs.

Contact: www.pink.uk.net

Platform

Product: Fast track self-cert fixed rate mortgage

Description: Fixed until 01/01/06

Rate: 6.15%

Max LTV: 85% purchase, 80% remortgage

Redemption penalty: 6%,6%,5% in first three years, one month’s notice or 1% thereafter.

Procuration fee: 1%, minimum £500

Arrangement fee: £395

Other: Unlimited CCJs and arrears, none in last three months, bankrupts discharged.

Contact: 0845 070 1999

Platform

Product: Medium adverse fixed rate mortgage

Description: Fixed until 01/01/06

Rate: 5.45% status, 5.75% non status

Max LTV: 85%

Redemption penalty: 6%,6%,5% in first three years, one month’s notice or 1% thereafter.

Procuration fee: 1%, minimum £500

Arrangement fee: £395

Other: CCJs to £7,500 allowed, non in last three months, four months’ arrears allowed, none in last three months, bankrupts discharged.

Contact: 0845 070 1999

Accord Mortgages

Product: Two-year tracker mortgage

Description: BBR+0.25% for two years

Rate: 3.75%

Max LTV: 95%

Redemption penalty: 3% of the amount originally borrowed in the tracker period, overpayments allowed without penalty.

Procuration fee: Refer to lender

Arrangement fee: None

Other: £500 contribution to legal expenses/valuation costs.

Contact: 0845 1200 870

Alliance & Leicester

Product: Cash back lifetime base rate tracker mortgage

Description: BBR+1.75% for life of the loan

Rate: 5.25%

Max LTV: 90%

Redemption penalty: 7% reducing to 2% over the first six years.

Procuration fee: Negotiable

Arrangement fee: None

Other: FTBs and existing A&L customers moving home receive a free valuation.

Contact: www.al.intermediary.co.uk

Norwich and Peterborough BS

Product: Base rate tracker

Description: BBR+0.15% for two years

Rate: 3.65%

Max LTV: 90%

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

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

Arrangement fee: £199

Other: Free valuation and legal fees for remortgages, reverts to BBR+1%.

Contact: 0845 300 2522

Norwich and Peterborough BS

Product: Base rate tracker

Description: BBR+0.25% for two years

Rate: 3.65%

Max LTV: 95%

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

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

Arrangement fee: £199

Other: Free valuation and legal fees for remortgages, reverts to BBR+1%.

Contact: 0845 300 2522

Platform

Product: Two-year tracker mortgage

Description: BBR+0.5% for two years

Rate: 4%

Max LTV: 95%

Redemption penalty: 4% of amount redeemed in the first two years.

Procuration fee: 0.35%, minimum £250, maximum £3,500.

Arrangement fee: £395

Other: Underlying rate BBR+1.25%.

Contact: 0845 070 1999

County cuts self-cert discount rate

Branded lender and packager County Mortgages has cut the interest rate on its one-year self-certification discount mortgage to 3.99%.

The mortgage, discounted until 01/09/04, is available, at this rate, up to 75% loan to value (LTV) to both the employed and self-employed. For higher LTVs, there is a 4.49% rate to 85% LTV and 5.49% to 90% LTV. No checks are needed from employers or accountants. Redemption penalties are payable during the first two years of the mortgage: 3% during year one and 2% during year two. Up to 25% of the loan can be paid per annum without penalty.

Tristan Pile, director at County Mortgages, said: ‘MIG-free, no income declaration products at this rate with limited checks are rare. This is a criteria product that will open up avenues that other lenders are not pursuing. Clients who have variable commissions and bonuses, second jobs, investment income and the self-employed can all now borrow at a level which they would not be able to with traditional lending sources.’

The product carries a procuration fee of 0.5% and an arrangement fee of £395.

Contact: 01489 886 777

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