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Product round-up

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  • 06/10/2003
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Key features of recently launched or relaunched mortgage products

Mortgage 2000

Product: Exclusive Ten to Let tracker mortgage

Funded by: The Mortgage Business

Description: Base rate tracker for term

Rate: Initial rate of 5.25% (lender’s base rate 5.55%)

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.5% (max £2,500)

Arrangement fee: 1%

Other: Available to first-time buyers and for remortgage.

Contact: 0845 345 5701

Pink Home Loans

Product: Buy-to-let lifetime tracker

Funded by: Platform

Description: BBR+0.99% for the life of the loan

Rate: 4.49%

Max LTV: 85%

Redemption penalty: 4% of the amount repaid in year one, 3% in year two, 2% in year three, 1% in year four then one month’s notice or one month’s interest thereafter.

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

Arrangement fee: £395 Other: MIG charged from 75% LTV

Contact: www.pink.uk.net

Scarborough BS

Product: Five-year buy to let mortgage

Description: Flexible discount mortgage

Rate: 4.84%

Max LTV: 80%

Redemption penalty: None, redemption admin. charge payable.

Procuration fee: Refer to lender

Arrangement fee: £395 Other: Monthly interest and the flexibility to make overpayments, underpayments and take payment holidays. Repayable between five and 40 years.

Contact: 0845 458 4522

Abbey

Product: Flexible Plus mortgage

Description: Three month discount for remortgages

Rate: Initial rate of 2.99%, then BBR+0.75% for term.

Max LTV: 90%

Redemption penalty: None

Procuration fee: Refer to lender

Arrangement fee: £299 Other: No legal fees, free valuation up to £1,100. Overpayments, payment holidays and ability to offset savings against mortgage.

Contact: www.introducers. abbeynational.co.uk

Coventry BS

Product: Flexx discount mortgage

Description: 1.64% off SVR until 31/12/06

Rate: 3.9%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: None Other: Free valuation and free remortgage transfer service.

Contact: 0845 766 5522

Coventry BS

Product: Stepped discount mortgage

Description: 2.55% discount off SVR to 31/12/06, then 0.25% discount until 31/12/08

Rate: 2.99%

Max LTV: 95%

Redemption penalty: 3% to 31/12/06, 2% to 31/12/08, option to repay 5%pa without penalty.

Procuration fee: Negotiable

Arrangement fee: None Other: Free valuation and free remortgage transfer service, £199 booking fee.

Contact: 0845 766 5522

Norwich & Peterborough BS

Product: Discount rate mortgage

Description: 2.75% discount for two years

Rate: 2.74%

Max LTV: 95%

Redemption penalty: 5% in years one to three, 4% in year four and 3% in year five.

Procuration fee: 0.25%

Arrangement fee: £199 Other: Free valuation

Contact: 0845 300 2522

The MarketPlace

Product: Two-year stepped discount mortgage

Funded by: The Woolwich

Description: 2.6% discount in year one, 1.9% in year two

Rate: Initial rate of 2.94%

Max LTV: 95%

Redemption penalty: Six months’ interest in first two years.

Procuration fee: 0.4% (min £200)

Arrangement fee: £295 Other: Fully flexible. Only available to members.

Contact: 0800 113333

Britannia BS

Product: Ten-year fixed rate mortgage

Description: Fixed for ten years

Rate: 5.19%

Max LTV: 95%

Redemption penalty: 360 days interest at prevailing SVR in first ten years.

Procuration fee: None

Arrangement fee: None Other: Free valuation and ASU for six months.

Contact: www.britannia.co.uk

Cambridge BS

Product: Two-year fixed rate mortgage

Description: Fixed until 30/09/05

Rate: 4.55%

Max LTV: 90%

Redemption penalty: 2% of balance repaid to 1/10/04, 1% to 30/09/05.

Procuration fee: Refer to lender

Arrangement fee: £185 Other: No penalty for over-

payments.

Contact: 01223 727771

Cambridge BS

Product: Two-year fixed rate mortgage

Description: Fixed until 30/09/05

Rate: 4.2%

Max LTV: 80%

Redemption penalty: 2% of balance repaid to 1/10/04, 1% to 30/09/05

Procuration fee: Refer to lender

Arrangement fee: £185 Other: No penalty for over- payments.

Contact: 01223 727771

Norwich & Peterborough BS

Product: Fixed rate mortgage

Description: Fixed for two years

Rate: 3.14%

Max LTV: 95%

Redemption penalty: 5% in years one to three, 4% in year four and 3% in year five.

Procuration fee: 0.25%

Arrangement fee: £199 Other: Free valuation and free legal fees on remortgage.

Contact: 0845 300 2522

Portman BS

Product: Fixed rate mortgage

Description: Fixed until 01/11/05

Rate: 4.25%

Max LTV: 95%

Redemption penalty: 3% of capital until 01/11/05

Procuration fee: Refer to lender

Arrangement fee: £300

Other: Free valuation and legal fees for remortgages. Up to 10% of the original loan amount borrowed without incurring any repayment fees for each full twelve month period from completion of the loan until 1 November 2005.

Contact: 0800 548548

Genesis Home Loans

Product: Pathfinder self-cert discount mortgage

Description: 1.5%, 1%, 0.5% discounts to 01/01/05 for 75%, 85% and 90% respectively

Rate: 3.99%, 4.49% or 4.99%

Max LTV: 90%

Redemption penalty: 3% in the fixed rate period

Procuration fee: Refer to packager

Arrangement fee: £395

Other: FTBs limited to 75% LTV, no income required on application form.

Contact: 0870 2421213

Pink Home Loans

Product: Self-cert lifetime flexi-mortgage

Funded by: Platform

Description: BBR+0.99% for term

Rate: Initial rate of 4.49%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.6% (min £250, max £2,500).

Arrangement fee: £295 Other: Daily interest

Contact: www.pink.uk.net

Charcol

Product: Lifetime tracker mortgage

Funded by: Mortgage Express

Description: Pay rate reduces when/if pay rate falls below 75% LTV.

Rate: Initial rate of 2.9% or 3.1% depending on LTV.

Max LTV: 95%

Redemption penalty: None

Procuration fee: Up to 1%

Arrangement fee: £320 Other: Fully flexible.

Contact: 0800 718191

Pink Home Loans

Product: Self-cert stepped tracker

Funded by: Platform

Description: 1.5% discount in first year, 0.2% discount in the second

Rate: 3.75%

Max LTV: 85%

Redemption penalty: 5% of the amount repaid for two years, one month’s notice or 1% of the amount redeemed thereafter.

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

Arrangement fee: £395 Other: MIG charged from 75%LTV, underlying rate BBR+1.75%.

Contact: www.pink.uk.net

Mortgage 2000

Product: Exclusive tracker remortgage

Funded by: BM Solutions

Description: BBR for one year

Rate: 4%

Max LTV: 85%

Redemption penalty: 5% in year one, 4% in year two.

Procuration fee: 0.5% (min £200, max £5,000).

Arrangement fee: £349 Other: £750 cash back.

Contact: 0845 345 5701

Genesis revises its rates and terms

Genesis Home Loans has added new rates and amended terms on several product ranges.

Genesis Prospector – a prime buy -to-let product – has been given two new discount rates, a 1% discount from SVR for loans up to 75% LTV and 0.75% discount from SVR for loans up to 85% LTV, giving rates of 4.49% and 4.74%. Both are discounted until 01/01/06 and have no extended tie-ins.

Genesis Pathfinder, a high LTV self-certification product, benefits from a 0.5% discount from SVR until 01/01/05, available to 90% LTV giving a rate of 4.99%.

This rate is offered alongside options of 1.5% for loans up to 75% LTV and 1% for loans up to 85% LTV, both until 01/01/05. A new fixed rate of 4.95% to 01/01/06 is also available up to 85% LTV with no extended tie-ins.

Similar changes have been made to prime, purchase and re-mortgage product, Pioneer – with extended end date for discount rates until 01/01/07.

Finally, Genesis Freedom, a non-conforming range has had its 1.25% discount rate option extended to 01/01/05. This includes status and self-cert with rates from 4.19% for residential and 4.44% for buy to let.

Contact: 0870 242 1213

Platform adds two new trackers

Platform has responded to demand from intermediaries for trackers, rather than short term fixes, and introduced non-conforming two- year LIBOR trackers as an addition to its recently revised ‘one stop’ product range.

The new products have rates staring from 5% with end dates until 1/1/06. They are available on the same low, medium and fast-track basis as Platform’s one-year, 18 month and two-year discounts.

The maximum LTV is 95%, in the case of a low adverse full status client, excluding Northern Ireland. Early redemption penalties on Platform’s non conforming range are set at 5% in year one, 3% in year two and 2% in year three, with one month notice or 1% of the amount redeemed thereafter.

Guy Batchelor, sales and marketing director at Platform, said: “We have experienced a real demand by intermediaries for tracker mortgages for non-conforming customers. With the level of LIBOR remaining low, we have taken the opportunity to introduce some attractively priced products, which offer better value than some short term fixed rate products in the current climate.”

The product carries an arrangement fee of £395 and offers a procuration fee of 1%.

Contact: 0845 070 1999

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