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Product round-up

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  • 17/11/2003
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Key features of recently launched or relaunched mortgage products

Pink Home Loans

Product: Buy-to-let fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 03/12/06

Rate: 5.29%

Max LTV: 85%

Redemption penalty: Six months” interest at the fixed rate until 03/12/06.

Procuration fee: 0.5%, no maximum.

Arrangement fee: 1%

Other: Online applications only, one CCJ/default allowed – satisfied.

Contact: www.pink.net.uk

Pink Home Loans

Product: Buy-to-let discount mortgage

Funded by: Mortgage Express

Description: 0.4% discount for five years.

Rate: 4.85%

Max LTV: 85%

Redemption penalty: Six months” interest at BBR + 1.75% for five years.

Procuration fee: 0.5%, no maximum.

Arrangement fee: £399

Other: Unlimited number of properties, one CCJ/default allowed – satisfied.

Contact: www.pink.net.uk

Woolwich

Product: Buy-to-let fixed rate mortgage

Description: Fixed until 02/02/06

Rate: 5.85%

Max LTV: 75%

Redemption penalty: Six months” interest at the BTL SVR or fixed rate, whichever is higher, until 02/02/06.

Procuration fee: On application

Arrangement fee: £350

Other: Available to individuals, limited companies and non-UK residents.

Contact: 0845 604 0581

Amber Homeloans

Product: Feather adverse discount mortgage

Description: Three month Libor + 2% full status, (+2.5% for self cert) with 2% discount until 31/01/06.

Rate: 3.6% or 4.1%

Max LTV: 90%

Redemption penalty: 5% in year one, 4% in year two and 3% in year three, capital repayments of up to 10% pa allowed without penalty.

Procuration fee: Refer to lender

Arrangement fee: £195

Other: High percentage loan fee of 7% charged above 75% LTV, unlimited CCJs to £2,000.

Contact: 01756 694 411

Genesis Home Loans

Product: Pearl self-cert discount mortgage

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

Rate: 5.24%

Max LTV: 85%

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

Procuration fee: Refer to packager

Arrangement fee: £395

Other: No minimum time in employment and no minimum time for self-employed, no income checks, references or accounts, CCJs to £2,000 in past three years, two mortgage/rent arrears in past 12 months.

Contact: 0870 242 1213

Pink Home Loans

Product: FlexAbility discount mortgage

Funded by: Mortgage Express

Description: 1% discount for six months.

Rate: 3.49%

Max LTV: 95%

Redemption penalty: None

Procuration fee: 0.3%

Arrangement fee: £325

Other: One CCJ/default allowed – satisfied.

Contact: www.pink.net.uk

The Market Place

Product: Discount mortgage

Funded by: Alliance & Leicester

Description: 2.15% discount from SVR for two years.

Rate: 3.39%

Max LTV: 95%

Redemption penalty: Six months” interest at SVR for two years.

Procuration fee: None

Arrangement fee: £345

Other: Booking fee £49, £250 cash back, refunded valuation, MIG from 90% LTV.

Contact: www.marketplace.co.uk

Woolwich

Product: Openplan flexible mortgage

Description: 2.35% discount for two years.

Rate: 3.19%

Max LTV: 95%, remortgages 90%.

Redemption penalty: Six months” interest at SVR for two years from completion, 10% repayment allowed annually without penalty.

Procuration fee: On application

Arrangement fee: £295

Other: Available via intermediaries only.

Contact: 0845 604 0581

Coventry Building Society

Product: Fixed rate first-time buyer mortgage

Description: Fixed to 31/12/13

Rate: 5.20%

Max LTV: 90%

Redemption penalty: Six months” interest to 31/12/13.

Procuration fee: Negotiable

Arrangement fee: None

Other: Free valuation, £199 booking fee.

Contact: 0845 766 5522

Coventry Building Society

Product: Self-cert fixed rate mortgage

Description: Fixed to 31/12/08

Rate: 5.29%

Max LTV: 85%

Redemption penalty: Six months” interest to 31/12/08, option to repay 5% pa without penalty.

Procuration fee: Negotiable

Arrangement fee: £100

Other: £199 booking fee. Maximum advance £350,000.

Contact: 0845 766 5522

Nationwide

Product: Fixed rate mortgage

Description: Fixed for two years

Rate: 0%-75% LTV 4.79%; 75%-90% LTV 4.89%; 90%-95% LTV 5.29%.

Max LTV: 95%

Redemption penalty: 2% in year one 1% in year two.

Procuration fee: Refer to lender

Arrangement fee: £185

Other: No MIG or compulsory insurance, free MPPI for 12 months, no valuation or legal fees for remortgagers, flexible features.

Contact: 0800 30 20 10

Nationwide

Product: Fixed rate mortgage

Description: Fixed for three years

Rate: 0%-75% LTV 5.09%; 75%-90% LTV 5.19%; 90%-95% LTV 5.59%.

Max LTV: 95%

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

Procuration fee: Refer to lender

Arrangement fee: £185

Other: No MIG or compulsory insurance, free MPPI for 12 months, no valuation or legal fees for remortgagers, flexible features.

Contact: 0800 30 20 10

Nationwide

Product: Fixed rate mortgage

Description: Fixed for five years

Rate: 0%-75% LTV 5.29%; 75%-90% LTV 5.39%; 90%-95% LTV 5.79%.

Max LTV: 95%

Redemption penalty: 5% in year one, 4% in year two, 3% in year three, 2% in year four, and 1% in year five

Procuration fee: Refer to lender

Arrangement fee: £185

Other: No MIG or compulsory insurance, free MPPI for 12 months, no valuation or legal fees for remortgagers, flexible features.

Contact: 0800 30 20 10

Abbey

Product: Three-year tracker new-build mortgage

Description: BBR + 0.39% for three years.

Rate: 4.14%

Max LTV: 75%

Redemption penalty: Formula varies but no overhang.

Procuration fee: Refer to lender

Arrangement fee: None

Other: No completion deadline.

Contact: 0870 6000 367

Abbey

Product: Three-year tracker new-build mortgage

Description: BBR + 0.49% for three years.

Rate: 4.24%

Max LTV: 95%

Procuration fee: Refer to lender

Arrangement fee: None

Other: No completion deadline.

Contact: 0870 6000 367

Abbey

Product: Three-year tracker new-build mortgage

Description: BBR + 0.39% for three years.

Rate: 4.34%

Max LTV: 95%

Procuration fee: Refer to lender

Arrangement fee: None

Other: No completion deadline, £200, cash back and free valuation up to £1,100.

Contact: 0870 6000 367

Coventry Building Society

Product: Capped rate tracker mortgage

Description: Capped at 5.99%, tracks BBR + 0 .49% to 31/03/05 then BBR + 1.49% to 31/03/09.

Rate: 4.24%

Max LTV: 95%

Redemption penalty: 1.5% of balance to 31/03/09, can repay 5% pa without penalty.

Procuration fee: Negotiable

Arrangement fee: £100

Other: Free valuation and remortgage transfer service, £199 booking fee.

Contact: 0845 766 5522

Pink Home Loans

Product: Fees-assisted tracker mortgage

Funded by: Staffordshire BS

Description: BBR + 0.3% until 01/02/07.

Rate: 4.05%

Max LTV: 95%

Redemption penalty: 5% of the amount repaid until 01/02/07.

Procuration fee: 0.3%

Arrangement fee: £195

Other: One CCJ to £250 in past three years, up to two months” arrears in months 12 to 24.

Contact: www.pink.net.uk

Go Bananas Inc for sub-prime deal

Fareham-based branded lender and packager Bananas Inc, which launched in May 2003, has unveiled an exclusive sub-prime mortgage for those with difficult credit backgrounds.

The new product, funded by Southern Pacific Mortgage Limited (SPML), is open to those borrowers with unlimited arrears, county court judgements and defaults against their name. No lender or landlord references are required and both bankrupts and IVAs are accepted. The mortgage, which has a minimum loan value of £100,000, comes with £500 cashback.

Sue Cox, business development manager at Bananas Inc, said: “This mortgage is aimed at those borrowers who have particularly testing credit backgrounds. As long as they are turning over a new leaf, we are willing to offer this product to them.”

The loan is available to 80% loan to value and is fixed at 5.99% until 1 September 2004. This is followed by a 7.25% fixed rate until 1 September 2005, when the mortgage then reverts to Libor plus 5.25%.

The product comes with a broker”s procuration fee of 1% and a redemption penalty set at 7% in the first year, 6% in the second, 5% in the third, and 1% in the fourth year. Contact: 0870 6000 648

Self-cert deal from

City Homeloans, the latest branded lending division of Fareham-based packager County Group, has unveiled a self-certification mortgage aiming to suit all borrowers, including first-time buyers.

The product comprises a discount rate of 5.15% until 1 December 2004. Relatively few checks are required and none are needed from employers or accountants. The maximum loan to value is 90% and the lending ceiling is £200,000.

Tristan Pile, director of County Group, said: “City Homeloans can offer a range of all-status products, including prime, flexi and sub-prime schemes. These complement the range provided by other branded and panel lenders already available through County Mortgages. To celebrate the launch of City Homeloans, all sub-prime applications will benefit from a full valuation refund, on completion, until the next Libor review.

“In addition, to make access to schemes easier, we have listed them on sourcing system Trigold Prospector.”

An indemnity fee is charged along with an arrangement fee of £395, which can both be added to the mortgage. There are no compulsory insurances.

Redemption penalties are 4% in the first year, 3% in the second year and 2% in the third year.

Contact: 08707 599 958

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