Exclusive Connections
Product: Buy-to-let fixed rate mortgage
Funded by: Mortgage Express
Description: Fixed until 03/12/04
Rate: 3.49%
Max LTV: 85%
Redemption penalty: Six months’ interest at the SVR until 03/12/06.
Procuration fee: Negotiable
Arrangement fee: £395
Other: Reverts to BBR+1.75%, remortgaging available to 80% LTV.
Contact: 0870 330 1817
Exclusive Connections
Product: Buy-to-let tracker mortgage
Funded by: Bristol & West CMS
Description: BBR+0.89% for two years then BBR+1.75%.
Rate: 4.39%
Max LTV: 85%
Redemption penalty: 5% of the sum repaid for two years.
Procuration fee: Enhanced- negotiable
Arrangement fee: £399
Other: No MIG, life cover may be necessary.
Contact: 0870 330 1817
Mortgage Trust
Product: Discounted rate flexible buy-to-let mortgage
Description: 3 month LIBOR+1.5% with 0.51% discount for three years
Rate: 4.64%
Max LTV: 85% (80% self cert)
Redemption penalty: 3% in the first three years on full redemption only.
Procuration fee: Refer to lender
Arrangement fee: 0.75%
Other: Loans available to Limited companies
Contact: 0870 411 2488
Mortgage Trust
Product: Fixed rate flexible buy-to-let mortgage
Description: fixed to 31/12/04
Rate: 4.69%
Max LTV: 85% (80% self cert)
Redemption penalty: 3% in the fixed rate period on full redemption only.
Procuration fee: Refer to lender
Arrangement fee: 0.75%
Other: Loans available to Limited companies.
Contact: 0870 411 2488
Mortgage Trust
Product: Tracker flexible buy-to-let mortgage
Description: 3 month LIBOR+1.5%.
Rate: 5.4%
Max LTV: 85% (80% self cert)
Redemption penalty: None
Procuration fee: Refer to lender
Arrangement fee: 1%
Other: Loans available to Limited companies.
Contact: 0870 411 2488
UCB Home Loans
Product: Buy-to-let fixed rate mortgage
Description: Fixed for five years
Rate: 5.59%
Max LTV: 80%
Redemption penalty: See lender but no extended tie in.
Procuration fee: By negotiation
Arrangement fee: £495
Other: No MIG, valuation fees from £215.
Contact: www.ucbhomeloans.co.uk
UCB Home Loans
Product: Buy-to-let fixed rate mortgage
Description: Fixed for two years
Rate: 5.19%
Max LTV: 80%
Redemption penalty: See lender but no extended tie in.
Procuration fee: By negotiation
Arrangement fee: £495
Other: No MIG, valuation fees from £215.
Contact: www.ucbhomeloans.co.uk
Coventry Building Society
Product: Self-cert discount mortgage
Description: 1.19% discount to 31/08/06
Rate: 4.35%
Max LTV: 85%
Redemption penalty: Six month’s interest until 31/08/06.
Procuration fee: Negotiable
Arrangement fee: £100
Other: Free valuation, free remortgage transfer, £199 booking fee.
Contact: 0845 766 5522
Exclusive Connections
Product: Clean slate discount mortgage
Funded by: Mortgage Express
Description: 1.26% discount for one year.
Rate: 4.49%
Max LTV: 90%
Redemption penalty: Six months’ interest at SVR in the first three years.
Procuration fee: Negotiable
Arrangement fee: £399
Other: Unlimited CCJs to £10,000, no new ones in the last year, unlimited defaults, none in the last year.
Contact: 0870 330 1817
Exclusive Connections
Product: 100%+ discount mortgage
Funded by: Mortgage Express
Description: 1.55% discount for two years.
Rate: 3.95%
Max LTV: 105%, 102% for FTBs
Redemption penalty: Six months’ interest at SVR in the first three years.
Procuration fee: Negotiable
Arrangement fee: £325
Other: Free ASU for six months, life cover required.
Contact: 0870 330 1817
Nationwide Building Society
Product: Fixed rate mortgage
Description: Fixed for two years
Rate: To 75% LTV-4.59%, 75%-90% LTV 4.69% and 90%-95% LTV 5.09%
Max LTV: 95%
Redemption penalty: 2%,1% in the first two years respectively.
Procuration fee: Refer to lender
Arrangement fee: £185
Other: No MIG, no compulsory insurance, 12 months free MPPI.
Contact: 0800 30 20 10
Nationwide Building Society
Product: Fixed rate mortgage
Description: Fixed for five years
Rate: 75% LTV-5.09%, 75%-90% LTV- 5.19% and 90%-95% LTV 5.59%
Max LTV: 95%
Redemption penalty: 5%,4%,3%, 2%,1% in the first five years respectively.
Procuration fee: Refer to lender
Arrangement fee: £185
Other: No MIG, no compulsory insurance, 12 months free MPPI.
Contact: 0800 30 20 10
Exclusive Connections
Product: 100%+ fixed rate mortgage
Funded by: Mortgage Express
Description: Fixed until 03/12/04
Rate: 5.24%
Max LTV: 105%, 102% for FTBs
Redemption penalty: Six months’ interest at SVR in the first three years.
Procuration fee: Negotiable
Arrangement fee: £325
Other: Free ASU for six months, life cover required, reverts to BBR+2%.
Contact: 0870 330 1817
Coventry Building Society
Product: Fixed rate mortgage
Description: Fixed until 31/12/08
Rate: 4.75%
Max LTV: 95%
Redemption penalty: Six months’ interest until 31/12/08.
Procuration fee: Negotiable
Arrangement fee: £100
Other: Free valuation, free remortgage transfer, £199 booking fee, option to repay 5% pa without penalty.
Contact: 0845 766 5522
Pink Home Loans
Product: Fixed rate mortgage
Funded by: GMAC RFC
Description: Fixed until 01/01/06
Rate: 4.24%
Max LTV: 95%
Redemption penalty: 3% of the amount repaid until 01/01/06.
Procuration fee: 0.35%
Arrangement fee: £395
Other: MIG from 90% LTV, One CCJ to £300 and one month’s arrears in the last 12 considered.
Contact: www.pink.net.uk
UCB Home Loans
Product: Self-cert fixed rate mortgage
Description: Fixed for five years
Rate: 5.49%
Max LTV: 85%
Redemption penalty: See lender but no extended tie in.
Procuration fee: By negotiation
Arrangement fee: £295
Other: No MIG, valuation fees from £215.
Contact: www.ucbhomeloans. co.uk
Exclusive Connections
Product: Exclusive credit repair tracker mortgage
Funded by: The Mortgage Business
Description: BBR+2.24% for one year then BBR+1.24% for term
Rate: 5.74%
Max LTV: 90%
Redemption penalty: None
Procuration fee: Negotiable
Arrangement fee: £299
Other: Full status and self cert, five CCJs to £5,000, no more than two payments in arrears at application, none in last six months.
Contact: 0870 330 1817
Nationwide Building Society
Product: Tracker mortgage
Description: Tracks BBR+ for five years
Rate: 75% LTV-3.99%, 75%-90% LTV- 4.09% and 90%-95% LTV 4.39%
Max LTV: 95% (90% for remortgagers)
Redemption penalty: 5%,4%,3%, 2%,1% in the first five years respectively.
Procuration fee: Refer to lender
Arrangement fee: £185
Other: Flexible features, overpayments to maximum £500 per month.
Contact: 0800 30 20 10
Pink Home Loans
Product: QUN tracker mortgage
Funded by: BM Solutions
Description: Tracks BBR+1.6% for two years
Rate: 5.1%
Max LTV: 85%
Redemption penalty: 5% of the amount repaid in year one, 4% in year two.
Procuration fee: 0.75%, minimum £250, maximum £5,000
Arrangement fee: £399
Other: Unlimited CCJs to £7,500, none in last three months, max three months’ arrears in last 12.
Contact: www.pink.net.uk
Mortgage Express’ new equity release
Mortgage Express has entered the equity release market with the release of its Lifetime mortgage.
Designed for people over the age of 60, loan to value starts at 25% and increases by 1% each year as the client ages, up to a maximum of 55%. Payable rate is 6.74%, which is fixed for the entire mortgage term. There is a draw-down facility up to maximum LTV allowed, in the first year and the loan is portable.
David Connolly, product development manager at Mortgage Express, said: “Mortgage Express has been careful to ensure that its Lifetime product avoids the pitfalls that can be associated with this kind of mortgage. Our literature explains thoroughly what customers can expect, and outlines all the positives and negatives. We make it clear that it’s not for everyone, and that there are a number of things to consider before going ahead.”
The mortgage carries a £549 arrangement fee and brokers procuration fees are set at 1% of the loan amount. Mortgage Express is a member of SHIP, which offers a number of safeguards, including a ‘No negative equity guarantee’ which ensures that the most applicants (or estate) will ever owe is the value of the property
Contact: 0500 0500 20 or www. mortgage-express.co.uk.
Option Loan promises light touch
The Mortgage Operation (TMO), in conjunction with Cheval Personal Loans has created the Option Loan, a secured loan without the heavy redemption penalties normally associated with this type of product.
The product is designed to allow term loans of between £25,001 to £75,000 to be written over 25 years which can be redeemed after the end of the first year, by paying only two months’ interest.
Redemption terms are set at six months in the first year, with just two months’ interest thereafter (subject to all the repayments being paid in full and no other breaches to the contract).
The loan’s pay rate is a flat 10% and is available up to 75% loan to value. It also allows unlimited CCJs and arrears, as well a self certification of income.
Richard Stokes, head of product development at TMO, says: “The ‘light-touch’ approach to early redemption is the most significant step forward in secured lending for a good number of years. We are confident that this will attract new brokers into a market that they had previously been cautious to enter.”
The loan’s arrangement fee is on TMO’s sliding scale and the procuration fee to brokers is set at 1% of the loan size (£250 minimum).
Contact: 0845 130 3888
