You are here: Home - News -

Product round-up

by:
  • 15/12/2003
  • 0
Key features of recently launched or relaunched mortgage products

Bank of Ireland Mortgages

Product: Five-year fixed rate buy-to-let mortgage

Description: Fixed to 01/03/09

Rate: 6.19%.

Max LTV: 85%

Redemption penalty: 5% to 01/03/09

Procuration fee: Refer to lender

Arrangement fee: £299

Other: Valuation refund, free legals (not in NI), buy to let not available in Scotland.

Contact: 0118 968 4333

Pink Home Loans

Product: Buy-to-let discount mortgage

Funded by: Nat West Mortgage Services

Description: 1.5% discount until 31/12/05.

Rate: 4.59%

Max LTV: 80%

Redemption penalty: None

Procuration fee: 0.45%, minimum £250, maximum £1950.

Arrangement fee: None

Other: Free valuation, free legals, annual rental income must be 10% or more of loan.

Contact: www.pink.uk.net

UCB Home Loans

Product: Buy-to-let three-year tracker

Description: BBR+1.19% for three years.

Rate: 4.94%

Max LTV: 80%

Redemption penalty: See lender, but no extended tie in.

Procuration fee: Negotiable.

Arrangement fee: £495

Other: Reverts to investment flexible variable rate (6.04%).

Contact: www.ucbhomeloans.co.uk

Alliance & Leicester

Product: Discount rate mortgage

Description: 1.86% discount for five years.

Rate: 3.93%

Max LTV: 95%

Redemption penalty: Six months’ gross interest during the discount rate period.

Procuration fee: Negotiable

Arrangement fee: £345

Other: First-time buyers, customers moving home and plus benefits customers receive additional incentives.

Contact: www.al.intermediary.co.uk

Bank of Ireland Mortgages

Product: 1st Start first-time buyer three-year discount

Description: 1.2% discount off SVR to 01/03/07.

Rate: 4.58%

Max LTV: 95%

Redemption penalty: 5% to 01/03/07

Procuration fee: Refer to lender.

Arrangement fee: £299

Other: No MIG, minimum age 21, not available in Scotland.

Contact: 0118 968 4333

Cambridge BS

Product: First-time buyer with Cambridge BS discount mortgage.

Description: 0.25% discount for the first year.

Rate: 4.64%

Max LTV: 95%

Redemption penalty: None

Procuration fee: 0.35%, no maximum

Arrangement fee: None

Other: No credit scoring, £200 towards solicitors fees.

Contact: 01223 727771

Chelsea BS

Product: Self-cert stepped discount mortgage

Description: 1.6%, 0.9%, 0.5% discounts in the first three years respectively.

Rate: 4.14%

Max LTV: 85%

Redemption penalty: 3% for three years

Procuration fee: Negotiable

Arrangement fee: £395

Other: £245 admin fee.

Contact: 08702 404808

Woolwich

Product: Openplan new-build discount mortgage

Description: 1.75% discount for two years.

Rate: 4.04%

Max LTV: 95%

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

Procuration fee: On application

Arrangement fee: £149

Other: No MIG, New-build brokers only, house purchase only, flexible features.

Contact: 0845 604 0581

Woolwich

Product: Openplan flexible discount mortgage

Description: 2% discount for two years.

Rate: 3.79%

Max LTV: 95%, 90% for remortgagers

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £295

Other: Flexible features.

Contact: 0845 604 0581

Alliance & Leicester

Product: Five-year fixed rate mortgage

Description: Fixed until 31/01/09.

Rate: 5.15%

Max LTV: 95%

Redemption penalty: Six months’ gross interest during fixed rate period

Procuration fee: Negotiable

Arrangement fee: £595

Other: First-time buyers, customers moving home and ‘plus benefits’ customers receive additional incentives.

Contact: www.al.intermediary.co.uk

Chelsea BS

Product: Fixed rate mortgage

Description: Fixed until 01/01/06.

Rate: 4.54%

Max LTV: 95%

Redemption penalty: 3% until 01/06/06.

Procuration fee: Negotiable

Arrangement fee: £295

Other: £245 admin fee, fee legals or £200 contribution.

Contact: 08702 404808

Halifax

Product: Homemover fixed rate mortgage

Description: Fixed for five years

Rate: 5.39% for 0-80% LTV, 5.69% for 80-95% LTV, 5.79% for 95-97% LTV.

Max LTV: 97%

Redemption penalty: 5%,4%,3%, 2%,1% in the first five years.

Procuration fee: Refer to lender.

Arrangement fee: £199

Contact: www.halifax.co.uk

Nationwide

Product: Fixed rate mortgage

Description: Fixed for five years

Rate: 5.49% 0-75% LTV, 5.59% 75-90% LTV, 5.99% 90-95% LTV

Max LTV: 95%, remortgages to 90%

Redemption penalty: 5%,4%,3%, 2%,1%, in the first five years.

Procuration fee: Refer to lender

Arrangement fee: £185

Other: Overpayment of up to £500 per month without penalty, flexible features, no MIG, 12 months free MPPI.

Contact: 0800 30 20 10

Bank of Ireland Mortgages

Product: Three-year capped base rate tracker

Description: BBR+1.25% to 01/03/07 capped at 6.99%.

Rate: 5%

Max LTV: 85%

Redemption penalty: 5% to 01/03/06 then 4% to 01/03/07

Procuration fee: Refer to lender.

Arrangement fee: £299

Other: Valuation refund, free legals (not in NI), buy to let not available in Scotland.

Contact: 0118 968 4333

Exclusive Connections

Product: Cash back tracker mortgage

Funded by: Bristol & West

Description: BBR+0.5% for three years, £650 cash back.

Rate: 4.25%

Max LTV: 95%

Redemption penalty: 5% of the sum repaid for two years, 4% of sum repaid for one year.

Procuration fee: Negotiable

Arrangement fee: £499

Other: Up to three months’ arrears in last three years. One CCJ to £250, no CCJs or arrears in last three years for first-time buyers.

Contact: 0870 330 1817

Halifax

Product: FTB capped rate tracker

Description: BBR+1% for three years

Rate: 4.75%

Max LTV: 97%

Redemption penalty: 3%,2%,1% in the first three years.

Procuration fee: Refer to lender

Arrangement fee: £199

Other: Capped at 5.75%, choose from £250 cash back, refund of valuation report, free conveyancing.

Contact: www.halifax.co.uk

Nationwide

Product: Five-year tracker mortgage

Description: BBR+0.39% for 0-75% LTV, BBR+0.49% for 75-90% LTV, BBR+0.89% for 90-95% LTV.

Rate: 4.14% ,4.24%, 4.64%

Max LTV: 95%, remortgagers 90%

Redemption penalty: 5%,4%,3%, 2%,1%.

Procuration fee: Refer to lender.

Arrangement fee: £185

Other: Flexible features.

Contact: 0800 30 20 10

Nationwide

Product: Two-year tracker mortgage

Description: BBR+0.09% for 0-75% LTV, BBR+0.19% for 75-90% LTV, BBR+0.59% for 90-95% LTV.

Rate: 3.84%, 3.94%, 4.34%

Max LTV: 95%, remortgagers 90%

Redemption penalty: 2%,1%

Procuration fee: Refer to lender.

Arrangement fee: £185

Other: Flexible features.

Contact: 0800 30 20 10

Woolwich

Product: Openplan flexible tracker mortgage

Description: Barclays Bank base rate +0.6% for term of loan.

Rate: 4.35%

Max LTV: 80%

Redemption penalty: None

Procuration fee: On application.

Arrangement fee: £245

Other: Minimum loan size £300,000.

Contact: 0845 604 0581

SPML charges ahead with light range

Southern Pacific Mortgage Limited (SPML) has launched a range of light adverse mortgages.

The range has seven schemes with LTVs up to 95%, with rates ranging from 2.25% to 4.25% above LIBOR, depending on LTV and levels of adverse credit history. There is a discount on these rates of 1.25% available on all schemes until 1 March 2005.

The product’s early redemption penalties are set at 6% in year one; 5% in year two; 4% in year three and 1% or 1 month’s notice thereafter; for the discount option penalties are set at 6% in the first three years.

John Prust, sales and marketing director at SPML, said: “SPML’s new light adverse range of products offers an ideal route to mortgage finance for the prime applicant who has a minimal adverse history of either defaults or credit card problems, which many high street lenders often do not accept.”

The loans are available for purchase and remortgage, for employed and self-employed applicants, with self certification of incomes allowed on schemes up to 85% LTV.

The range attracts an arrangement fee of £395. For procuration fees refer to lender.

Contact: www.spml.co.uk

Scottish Widows

Scottish Widows Bank has announced a three year stepped discount on its Flexible and Professional mortgages.

With an initial rate set at 3.99%, the product offers a 1% discount from SVR in year one, 0.5% in year two and 0.25% in the final year, SVR is currently 4.99%. An early redemption penalty is set at 2%, which only applies if the mortgage is redeemed in full or the client wishes to switch into another bank product, meaning regular or lump sum overpayments are allowed. Maximum LTVs are 90% for the flexible product and 110% for the Professional.

Gordon Bowden, business development director at Scottish Widows Bank, said: “The discount offers an excellent headline rate as well as very good value over the life of the product, and reinforces Scottish Widows Bank’s approach to consistently offer good value and competitive products. The discount also has the added benefit of being available with or without an offsetting arrangement.”

The discount carries no arrangement fee and procuration fees are set at £150 to £50,000, £3500 to £150,000 and 0.35%, with a maximum of £1000. Valuations are free to a value of £250 and there is a £150 contribution to legal fees.

Contact: 0845 845 0110

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Fears raised over reports of higher taxes

Rumours the Government may seek extra tax revenue from the housing market at the next Budget have be...

Close