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Product round-up

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  • 22/09/2003
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Key features of recently launched or relaunched mortgage products

Bristol and West

Product: Buy-to-let fixed rate mortgage

Description: Fixed until 30/09/2008

Rate: 5.39%

Max LTV: 85%

Redemption penalty: 7% until 30/09/2004. 6%/6%/5%/5% annually thereafter

Procuration fee: Refer to lender

Arrangement fee: £299

Other: £499 non returnable booking fee.

Contact: 0117 9437755

Bristol and West

Product: Buy-to-let remortgage

Description: Fixed until 30/09/2008

Rate: 5.89%

Max LTV: 85%

Redemption penalty: 7% until 30/09/2004. 6%/6%/5%/5% annually thereafter.

Procuration fee: Refer to lender

Arrangement fee: £299

Other: Free legals and valuation

Contact: 0117 9437755

Genesis Home Loans

Product: Buy-to-let stepped fixed rate mortgage

Description: Fixed until 01/01/2006

Rate: 4.45% until 01/01/2005, then 4.99% until 01/01/2006. Reverts to BBR + 1.95%.

Max LTV: 85%

Redemption penalty: 4% until 01/01/2006

Procuration fee: 0.5% of loan, minimum £250.

Arrangement fee: £395

Other: MIG above 75% LTV charged at 6.95%

Contact: 0870 2421213

Leeds & Holbeck

Product: Buy-to-let remortgage

Description: Variable rate

Rate: 5.79%

Max LTV: 75%

Redemption penalty: None

Procuration fee: Refer to lender

Arrangement fee: £149

Other: Unlimited capital repayments

Contact: 0121 643 6741

Leeds & Holbeck

Product: Buy-to-let fixed rate

Description: Fixed until 01/12/2006

Rate: 4.99%

Max LTV: 75%

Redemption penalty: Tapered charges of 6/5/4 months interest at standard variable rate.

Procuration fee: Refer to lender

Arrangement fee: £449

Other: 10% capital repayments allowed each year.

Contact: 0121 643 6741

Northern Rock

Product: Flexible fixed buy to let

Description: Fixed for 5 years

Rate: 5.79%

Max LTV: 70%

Redemption penalty: 3% of original loan on full redemption within fixed rate period.

Procuration fee: Refer to lender

Arrangement fee: £595

Contact: 0191 273 6545

Cambridge Building Society

Product: Capped base rate tracker mortgage

Description: Variable interest rate, capped at 0.25% above BBR for three years

Rate: 3.75%

Max LTV: 80%

Redemption penalty: 3% in year one, 2% in year two, 1% in year three.

Procuration fee: Refer to lender

Arrangement fee: £185

Other: Reverts to variable home loan rate at end of third year.

Contact: www.cambridgebs.co.uk

Genesis Home Loans

Product: Adverse credit full status discount

Description: Fixed until 01/07/2005

Rate: 1.75% discount from LIBOR+2%

Max LTV: 90%

Redemption penalty: 6%/6%/5%/4%

Procuration fee: 1% of loan minimum £500

Arrangement fee: £395

Other: £1,000 CCJs (none in last three months), all defaults ignored, one month’s arrears in last 12 months (none in last three) bankruptcy/IVA – discharged/ completed one year (IVA – no new arrangements in last three months.

Contact: 0870 2421213

Leeds & Holbeck

Product: Flexible discounted mortgage

Description: Discount for three years

Rate: 4.39%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Refer to lender

Arrangement fee: None

Other: Free in-house legal services for remortgages.

Contact: 0121 643 6741

Pink Home Loans

Product: Fast track adverse discount

Funded by: Platform

Description: Discounted until 01/01/05

Rate: 6.05%

Max LTV: 85%

Redemption penalty: 6% of amount redeemed in years one and two, 5% in year three. Thereafter one month’s notice or 1% of the amount redeemed.

Procuration fee: Refer to lender

Arrangement fee: £395

Other: Defaults ignored, unlimited CCJs but none in last three months, arrears – none in last three months. Bankrupts must be discharged, IVA must be discharged or if current conducted satisfactorily.

Contact: www.pink.uk.net

Pink Home Loans

Product: Medium adverse discount

Funded by: Platform

Description: Discounted until 01/01/2005

Rate:5.3%

Max LTV: 85%

Redemption penalty: 6% of amount redeemed in years 1 & 2, 5% in year 3. Thereafter one month’s notice or 1% of the amount redeemed.

Procuration fee: Refer to lender

Arrangement fee: £395

Other: Defaults ignored, CCJs up to £7500 (none in last three months), arrears – four in the last 12 months (none in last three months), bankrupts must be discharged, IVA must be discharged or if current conducted satisfactorily.

Contact: www.pink.uk.net

Bristol and West

Product: Two-year fixed rate mortgage

Description: Fixed until 30/09/2005

Rate: 4.39%

Max LTV: 95%

Redemption penalty: 5% until 30/09/2005

Procuration fee: Refer to lender

Arrangement fee: £299

Contact: 0117 9437755

Ipswich Building Society

Product: Two-year fixed rate mortgage

Description: Fixed until 31 October 2005

Rate: 4.05%

Max LTV: 80%

Redemption penalty: 3% of original advance if loan is redeemed or reduced to less than half of original value within fixed-rate period.

Procuration fee: 0.3% on loans up to £100,000. 0.4% for loans over £100,000. Minimum £150.

Arrangement fee: £250

Other: Maximum advance is £350,000

Contact: 01473 342265

Leeds & Holbeck

Product: Fixed rate mortgage

Description: Fixed until 01/12/2008

Rate: 4.99%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Refer to lender

Arrangement fee: £199

Contact: 0121 643 6741

Northern Rock

Product: Flexible fixed rate mortgage

Description: Seven-year fixed rate

Rate: 5.69%

Max LTV: 85%

Redemption penalty: 2% of original loan on full redemption within fixed rate period.

Procuration fee: Refer to lender

Arrangement fee: £495

Contact: 0191 273 6545

Northern Rock

Product: Flexible fixed rate mortgage

Description: Two-year fixed rate

Rate: 4.49%

Max LTV: 85%

Redemption penalty: 3% of original loan on full redemption within three years.

Procuration fee: Refer to lender

Arrangement fee: £495

Contact: 0191 273 6545

Northern Rock

Product: Flexible tracker mortgage

Description: Seven-year tracker

Rate: 4.3%

Max LTV: 85%

Redemption penalty: None

Procuration fee: Refer to lender

Arrangement fee: £495

Other: Unlimited over and under payments, redraw facility, payment holidays.

Contact: 0191 273 6545

Northern Rock

Product: Flexible tracker mortgage

Description: Two year tracker

Rate: 4%, (BOE + 0.5%)

Max LTV: 85%

Redemption penalty: None

Procuration fee: Refer to lender

Arrangement fee: £495

Other: Unlimited over and under payments, redraw facility,payment holidays.

Contact: 0191 273 6545

Genesis Home Loans

Product: Adverse credit self-cert two-year fixed rate

Description: Fixed until 01/01/2006

Rate: 5.65% until 01/01/2006

Max LTV: 85%

Redemption penalty: 6%/6%/5%

Procuration fee: 1% of loan minimum £500

Arrangement fee: £395

Other: £3000 CCJs (none in the last three months), all defaults ignored, two months arrears in last 12.

Contact: 0870 2421213

UCB revamps range

UCB, Nationwide’s specialist self-certification subsidiary lender, has replaced its range of fixed rate products. The rates have increased by either 0.3% or 0.4% and UCB said the move reflected the changes that had been seen in the money markets.

There are fixed rate products for both buy to let and self-certification with new features for the self-certification mortgages. These allow for overpayments of up to £500 per month to be made during the fixed rate period, rising to an unlimited amount thereafter. If overpayments have been made, this will in turn allow the borrower to make under payments or take payment holidays. There is also a drawdown facility available at the end of the fixed rate period.

The self-certification fixed rate mortgages are available for two, three and five years at rates of 4.89%, 5.09%, and 5.29% respectively. All have a maximum loan to value of 85%. There is no early repayment charge for overpayments of up to £500 per month, but a minimum balance of £2,500 must be retained. For the two-year fix, there will be redemption charges of 6 months’ interest in year one and five months’ interest in year two if the loan is fully or partially repaid. There is an arrangement fee of £295 on the products.

Contact: 0845 940 1400

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