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Product round-up

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  • 20/10/2003
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Key features of recently launched or relaunched mortgage products

Chelsea BS

Product: Buy-to-let discount mortgage

Description: 1% discount in year one, 0.5% discount in year two and 0.25% in year three.

Rate: 4.69%

Max LTV: 80%

Redemption penalty: 2% of the amount repaid for the first three years.

Procuration fee: Negotiable

Arrangement fee: None

Other: No admin fee, free legal fees or £200 contribution.

Contact: 08702 404808

Exclusive Connections

Product: Self cert buy-to-let base rate tracker mortgage

Funded by: Platform

Description: Tracks BBR+0.9% in year one, BBR+1.2% in year two and BBR+1.5% in year three.

Rate: 4.4%

Max LTV: 85%

Redemption penalty: 5% of the amount repaid in the first three years, one month’s notice or one month’s interest thereafter.

Procuration fee: Negotiable

Arrangement fee: £395

Other: £1,000 cash back, MIG from 75% LTV, purchase and remortgage.

Contact: 0870 330 1817

Ipswich BS

Product: Discount buy-to-let mortgage

Description: 0.55% discount for two years

Rate: 4.75%

Max LTV: 80%

Redemption penalty: 3% of original advance if loan is redeemed or reduced to less than half original value in the first two years.

Procuration fee: 0.4%

Arrangement fee: £195

Other: £50 application fee plus valuation charge. Only available to second time buyers and for a maximum of four properties.

Contact: 01473 342265

Ipswich BS

Product: Buy-to-let fixed rate mortgage

Description: Fixed until 31/01/06

Rate: 4.95%

Max LTV: 80%

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

Procuration fee: 0.4%

Arrangement fee: £195

Other: £50 application fee plus valuation charge. Only available to second time buyers and for a maximum of four properties.

Contact: 01473 342265

Mortgage 2000

Product: Ten to Let (BTL) tracker

Funded by: The Mortgage Business

Description: BBR+1.75% for term of loan.

Rate: 5.25%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.5%, no minimum, maximum £2,500

Arrangement fee: 1%

Other: Free indemnity, no booking fee.

Contact: 0845 345 5701

Mortgage 2000

Product: Buy-to-let tracker mortgage

Funded by: Platform

Description: BBR+1% for five years then BBR+ 1.95% for term

Rate: 4.5%

Max LTV: 85%

Redemption penalty: 5% of outstanding loan for the first five years, 1% or one month’s notice thereafter.

Procuration fee: 0.5% minimum £250, maximum £3,500

Arrangement fee: £395

Other: 0.5% cash back. Adverse as standard criteria.

Contact: 0845 345 5701

Sun Bank

Product: Buy-to-let fixed rate mortgage

Description: Fixed until 01/10/05

Rate: 3.75%, 3.95% for remortgage

Max LTV: 80%, FTBs 75%

Redemption penalty: 5% of capital repaid until 01/1006, followed by 4% until 01/10/07 then 3% until 01/10/08.

Procuration fee: 0.4%

Arrangement fee: 0.5%, minimum £395

Other: Available to expats, foreign nationals and ltd companies.

Contact: 0800 548 548

Sun Bank

Product: Buy-to-let discount mortgage

Description: 1.86% discount until 01/10/05, 1.66% for remortgage.

Rate: 3.59% or 3.79%

Max LTV: 80%, FTBs 75%

Redemption penalty: 5% of capital repaid until 01/1006, followed by 4% until 01/10/07 then 3% until 01/10/08.

Procuration fee: 0.4%

Arrangement fee: 0.5%, minimum £395

Other: Available to expats, foreign nationals and ltd companies.

Contact: 0800 548 548

Chelsea BS

Product: Cash back mortgage

Description: 6% of the advance as cash back

Rate: 5.44

Max LTV: 90%

Redemption penalty: 6%,6%,5%, 4%,3%, in the first five years respectively.

Procuration fee: Negotiable

Arrangement fee: £295

Other: Redemption penalty reduced if client takes out another Chelsea mortgage, or continuous for another cash back mortgage.

Contact: 08702 404808

Chelsea BS

Product: Flexiplan discount mortgage

Description: 1.2% discount in year one, 0.9% discount in years two to five.

Rate: 4.2%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £295

Other: Lending risk fee payable over 90% LTV, £245 admin fee.

Contact: 08702 404808

Genesis Home Loans

Product: Emerald adverse discount mortgage

Description: 2% discount until 01/04/06.

Rate: 4.74%

Max LTV: 80%

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

Procuration fee: 1%, minimum £500

Arrangement fee: £395

Other: Six months arrears in last 12, any number of CCJs up to £10k, defaults ignored.

Contact: 0870 242 1213

Genesis Home Loans

Product: Opal self-cert adverse discount mortgage

Description: 1% discount until 01/04/05.

Rate: 4.74%

Max LTV: 75%

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

Procuration fee: 1%, minimum £500

Arrangement fee: £395

Other: Three months arrears in last 12, any number of CCJs up to £10k, defaults ignored.

Contact: 0870 242 1213

Mortgage 2000

Product: Self-cert discount 2004

Funded by: The Mortgage Business

Description: 1.4% discount to 31/10/04

Rate: 4.15%

Max LTV: 85%

Redemption penalty: Three months’ gross interest in the first year, two months’ in the second, one month’ in the third and one month’s gross interest or notice thereafter.

Procuration fee: 0.5%, no minimum, maximum £2,500

Arrangement fee: £299

Other: No booking fee

Contact: 0845 345 5701

Chelsea BS

Product: Fixed rate mortgage

Description: 01/01/07

Rate: 4.89%

Max LTV: 95%

Redemption penalty: 3% until 01/01/07

Procuration fee: Negotiable

Arrangement fee: £295

Other: Lending risk fee payable over 90% LTV, £245 admin fee.

Contact: 08702 404808

Genesis Home Loans

Product: Self-cert adverse fixed rate

Description: Fixed until 01/04/05

Rate: 3.5%

Max LTV: 80%

Redemption penalty: 6%,5%,4% in the first three years

Procuration fee: 0.75%

Arrangement fee: £495

Other: Six months trading for self employed, two months arrears in last 12, any number of CCJs up to £5k, defaults ignored.

Contact: 0870 242 1213

Exclusive Connections

Product: Self-cert cash back tracker mortgage

Funded by: Platform

Description: Tracks BBR+0.9% year one, BBR+1.2% in year two and BBR+1.5% in year three

Rate: 4.4%

Max LTV: 85%

Redemption penalty: 5% of the amount repaid in the first three years, one month’s notice or one month’s interest thereafter.

Procuration fee: Negotiable

Arrangement fee: £395

Other: £1,000 cash back, MIG from 75% LTV, purchase and remortgage.

Contact: 0870 330 1817

Mortgage 2000

Product: Tracker remortgage

Funded by: BM Solutions

Description: BBR+1.5% for one year, reverts to BBR+1.75% for term

Rate: 4%

Max LTV: 85%

Redemption penalty: 5% of the outstanding loan in the first year, 4% in the second year.

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

Arrangement fee: £349

Other: £750 cash back, adverse-as standard criteria.

Contact: 0845 345 5701

Chelsea BS improves its Prospects

As an addition to its Prospect range of light adverse products, the Chelsea Building Society has launched a Prospect Right to Buy mortgage.

The new product benefits from a 1% discount for the first 12 months, giving a payable rate of 5.19%. It is available up to 80% loan to value. This is defined by the Chelsea as 80% of the open market valuation of the property and not 80% of the discounted purchase price available from the selling local authority. This means that in practice 100% lending usually applies. Free accident sickness and unemployment insurance is also included with the mortgage for the first 12 months.

Tom Gurrie, sales development controller at the Chelsea, said: “We were the first high street building society to introduce our own branded adverse products, and the new Prospect Right to Buy continues to demonstrate our ability to be innovative within the building society sector.” Early repayment charges on the new mortgage are 5%,4%,3% in the first three years respectively.

While procuration fees are negotiable with the Chelsea the product attracts an arrangement fee of £395 and an admin fee of £245, but benefits from free legal fees or a £200 contribution.

Contact: 08702 404808

Solent targets self-cert and BTL

A selection of mortgages for self-cert and buy-to-let borrowers has been launched by Solent Mortgage Services in association with The Mortgage Business (TMB).

The new line up includes the ‘Flexi 85’ for self-cert and salary-cert customers looking to borrow up to 85% of LTV, at Bank Base Rate plus 1.15% giving a current payment rate of 4.65%. Borrowers will not be asked to provide any income verification and loans are available on terms of up to 40 years. The product has no early redemption penalties. Brokers procuration fee is set at 0.5% and there is an arrangement fee of £299. A MIG is payable from 70% LTV.

Solent also offers a buy-to-let mortgage, House to House, available for up to 10 properties, set at Bank Base Rate plus 1.60%, giving a rate of 5.1%. Maximum LTV is 85% and rental income must be at least 130% of mortgage repayment. The mortgage has no early redemption penalties, a broker’s fee of 0.5% and a £499 application fee payable. House to House has no MIG.

Ian Balfour, sales and marketing director at Solent Mortgage Services, said: “These new TMB products are great deals and widen the range of mortgages we have to offer even further. They provide keen rates and excellent service to a host of borrowers with special requirements.” Contact: 02392 553550

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