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Product round-up

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  • 03/11/2003
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Key features of recently launched or relaunched mortgage products

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

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