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Product round-up

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  • 08/09/2003
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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 until 03/12/04

Rate: 2.79%

Max LTV: 85%

Redemption penalty: Six months’ interest at the underlying variable rate until 03/12/06.

Procuration fee: 0.5% with no maximum

Arrangement fee: £399

Other: Up to one CCJ/default-satisfied at least 12 months.

Contact: www.pink.uk.net

Sun Bank

Product: Buy-to-let fixed rate mortgage

Description: Fixed until 01/10/05

Rate: 4.39%

Max LTV: 80%

Redemption penalty: 5%,5%,5%, 4%,3% until 01/10/08

Procuration fee: 0.4%

Arrangement fee: Per application -one to five properties £395, six to nine properties 0.5%

Contact: 08702 707070

Woolwich

Product: Buy-to-let fixed rate mortgage

Description: Fixed until 01/11/05

Rate: 5.39%

Max LTV: 75%

Redemption penalty: Six months’ interest at the buy to let SVR or fixed rate, whichever is higher, until 01/11/05.

Procuration fee: On application

Arrangement fee: £350, payable up front

Other: Available to individuals, Ltd companies and non UK residents.

Contact: 0845 604 0581

Woolwich

Product: Switch & Save buy-to-let fixed rate remortgage

Description: Fixed until 01/11/05

Rate: 5.79%

Max LTV: 75%

Redemption penalty: Six months’ interest at the buy to let SVR or fixed rate, whichever is higher, until 01/11/05.

Procuration fee: On application

Arrangement fee: None

Other: Free valuation, free legal fees, available to individuals and non UK residents

Contact: 0845 604 0581

Woolwich

Product: Buy-to-let fixed rate mortgage

Description: Fixed until 01/11/08

Rate: 5.59%

Max LTV: 75%

Redemption penalty: Six months’ interest at the buy to let SVR or fixed rate, whichever is higher, until 01/11/08.

Procuration fee: On application

Arrangement fee: £350, payable up front

Other: Available to individuals, Ltd companies and non UK residents.

Contact: 0845 604 0581

Woolwich

Product: Switch & Save buy-to-let fixed rate remortgage

Description: Fixed until 01/11/08

Rate: 5.79%

Max LTV: 75%

Redemption penalty: Six months’ interest at the buy to let SVR or fixed rate, whichever is higher, until 01/11/08.

Procuration fee: On application

Arrangement fee: None

Other: Free valuation, free legal fees, available to individuals and non UK residents.

Contact: 0845 604 0581

Bristol & West

Product: Fixed rate mortgage

Description: Fixed until 30/09/05

Rate: 3.29%

Max LTV: 95%

Redemption penalty: 5% to 30/09/05

Procuration fee: Negotiable

Arrangement fee: £299

Other: £300 cash back, no MIG, no valuation fee.

Contact: 0117 943 7755

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

Kensington Mortgages

Product: Three-year fix for borrowers with impaired credit.

Description: Fixed until 30/11/2006

Rate: From 5.75%

Max LTV: 90%

Redemption penalty: 6% of the amount repaid until 30/11/2003.

Procuration fee: 0.5% – 1%

Completion fee: £395

Other: Rate depends on whether borrower is classed as being a low, medium or high adverse risk.

Contact: 0800 111020

Nationwide

Product: Fixed rate mortgages

Description: Two, three or five-year fixed rate

Rate: Initial rate of 4.69%, 4.69% or 4.89%

Max LTV: 95%

Redemption penalty: 5%, 4%, 3%, 2%, 1% depending on product. No overhang.

Procuration fee: Refer to lender

Arrangement fee: £185

Other: Daily interest, free MPPI for 12 months. Overpayments, underpayments and payment holidays allowed.

Contact: nationwide.co.uk/ intermediaries

Pink Home Loans

Product: 100% fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 03/12/05

Rate: 4.65%

Max LTV: 105%, FTBs 102%

Redemption penalty: Six months’ interest at the fixed rate until 03/12/06.

Procuration fee: 0.3%

Arrangement fee: £325

Other: Up to one CCJ/default-satisfied at least 12 months.

Contact: www.pink.uk.net

Skipton BS

Product: Fixed rate mortgage

Description: Fixed until 30/11/06

Rate: 4.19%

Max LTV: 95%

Redemption penalty: 3% to 30/11/06

Procuration fee: Negotiable

Arrangement fee: £395

Other: No MIG to 90% LTV, free ASU cover for six months, free valuation.

Contact: 0845 717 1777

Sun Bank

Product: Fixed rate mortgage

Description: Fixed until 01/10/05

Rate: 3.95%

Max LTV: 95%

Redemption penalty: 5%,5%,5%, 4%,3% until 01/10/08

Procuration fee: 0.3%

Arrangement fee: £395

Contact: 08702 707070

Sun Bank

Product: Fixed rate mortgage

Description: Fixed until 01/10/05

Rate: 4.49%

Max LTV: 95%

Redemption penalty: 5% in the fixed rate period.

Procuration fee: 0.3%

Arrangement fee: £395

Contact: 08702 707070

Coventry BS

Product: Discount mortgage

Description: 1.06% discount until 31/08/06

Rate: 4.48%

Max LTV: 95%

Redemption penalty: Six months’ interest to 31/08/06

Procuration fee: Negotiable

Arrangement fee: £295

Other: Free remortgage transfer service, free valuation.

Contact: 0845 766 5522

Coventry BS

Product: Flexx mortgage

Description: Rate guaranteed to be no more than SVR.

Rate: 4.49%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £195

Other: £50 admin fee and valuation fee payable, discounted legal fees for remortgages, daily interest, flexible features.

Contact: 0845 766 5522

Coventry BS

Product: Flexx mortgage

Description: Guaranteed to be no more than 2% above base rate.

Rate: 4.95%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £195

Other: Free valuation, discounted legal fees for remortgages, daily interest, flexible features.

Contact: 0845 766 5522

Pink Home Loans

Product: Self-cert fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 03/12/06

Rate: 5.24%

Max LTV: 90%

Redemption penalty: Six months’ interest at the fixed rate until 03/12/06.

Procuration fee: 0.5%

Arrangement fee: £325

Other: Up to one CCJ/default-satisfied at least 12 months. Interest calculated monthly.

Contact: www.pink.uk.net

Sun Bank

Product: Self-cert fixed rate mortgage

Description: Fixed until 01/10/05

Rate: 4.6%

Max LTV: 85%

Redemption penalty: 5% in the fixed-rate period. No extended tie-in.

Procuration fee: 0.4%

Arrangement fee: £395

Contact: 08702 707070

Bristol & West woos first-time buyers

Bristol & West has launched two new mortgages priced to cater for first-time buyers. The loans, fixed for either two or seven years, offer a range of extras to make life easier for those buying their first home.

The seven-year fixed rate product is offered at 4.99%, with early redemption penalties set at 7% to 30/09/05, 6% to 30/09/06, 5% to 30/09/09 then 4% to 30/09/10. The mortgage also benefits from £300 cash back and no valuation fee or MIG.

Mike Henry, head of mortgages at Bristol & West, said: “First-time buyers are finding it extremely difficult to get a foothold in the housing market and mortgages that offer a good all-round package can play an important part in helping them start out.

We believe that the UK is now at bottom of the interest rate cycle and that rates will rise over the next two years by around 2%. The forty-year low we are now experiencing makes this a great time to fix your mortgage rate.”

The mortgage attracts an arrangement fee of £299 and the broker’s procuration fee is negotiable.

Contact: 0117 943 7755

Genesis’ new star

In order to streamline the number of mortgage schemes it has available, branded lender Genesis Home Loans has re-designed its Planets & Moons (non-conforming) and Constellations (conforming) product ranges.

Planets & Moons has been reduced to a total of 11 products covering full status, self-certification, and purchase and re-mortgage, along with schemes for right to buy and buy to let. All of the products allow for varying amounts of adverse credit including defaults, which are now ignored whether satisfied or not.

New additions to the range are five, two-year fixed products, with rates from 5.35% fixed until 1 January 2006, catering for adverse credit problems. Mortgage facilities can be taken on a full status, with rates from 3.87%, self-certification, starting from 5.62%, or fast track basis – the latter being a ‘no hassle, no reference’ option.

The Constellations range consists of four conforming products, with tracker, discount and fixed rate options – full status rates begin from 4.00% (BBR+ 0.5%) and self-cert rates from 4.29%.

Nigel Gardner, business development director at Genesis Home Loans, said: “These new ranges will be easier for intermediaries to use, while new rates and products will ensure they have highly competitive rates to offer clients irrespective of the conforming or non-conforming market sectors.”

Contact: 0870 242 1213

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