BUY TO LET
Exclusive Connections
Product: Buy-to-let mortgage
Funded by: Bristol & West
Description: Fixed rate until 31/10/2004.
Rate: 5.7% until 31/10/2004 ,then bank base rate+1.2% until 31/10/2006.
Max LTV: 85%
Redemption penalty: 5% until 31/10/2003,4% until 31/10/2005, 3% until 31/10/2006.
Procuration fee: Negotiable
Arrangement fee: £299
Other: No redemption overhang.
Contact: 0870 330 1817
GMAC Residential Funding
Product: Fixed rate buy-to-let
Funded by: GMAC
Description: Fixed to 1/10/2003.
Rate: 6.25% up to 75% LTV, 6.55% up to 85% LTV.
Max LTV: 85%
Redemption penalty: 5% up to 1/10/2003, nothing thereafter.
Procuration fee: 0.45%
Arrangement fee: £395
Other: Estimated gross monthly rental must be 130% more than mortgage payment.
Contact: 01344 478 478
Northern Rock
Product: Buy-to-let mortgage
Description: Two, three or five year fixed to 1/11/2003/4/6.
Rate: 6.74% up to 50% LTV, 6.99% up to 75% LTV.
Max LTV: 75%
Redemption penalty: 2% of original loan balance on full redemption during incentive period.
Procuration fee: Negotiable
Arrangement fee: £495
Other: Annual interest anticipated income must be 120% mortgage repayment at projected 8% interest.
Contact: 0845 600 1516
Product: Buy-to-let mortgage
Description: Two-year fixed rate to 1/11/2003.
Rate: 3.74% up to 50% LTV, 3.99% up to 75% LTV.
Max LTV: 75%
Redemption penalty: 4/7/5/4/ 2/1% of amount repaid in six years.
Procuration fee: Negotiable
Arrangement fee: £495
Other: Annual interest, anticipated income must be 120% mortgage repayment at projected 8% interest.
Contact: 0845 600 1516
Product: Buy-to-let mortgage
Description: 2% or 3% cashback.
Rate: Variable base rate, currently 6.75%.
Max LTV: 50% for 3% cashback, 75% for 2% cashback.
Redemption penalty: 3/3/2/ 2/1/1% of amount repaid in six years for 3% cashback, 2/2/2/1/ 1/1% of amount repaid in six years.
Procuration fee: Negotiable
Arrangement fee: £495
Other: Annual interest, anticipated income must be 120% mortgage repayment at projected 8% interest.
Contact: 0845 600 1516
CAPPED RATEs
Kent Reliance Building Society
Product: Capped discount mortgage
Description: Three-year capped discount
Rate: 1.25% discount up to 75% LTV, 0.75% discount up to 90% LTV
Max LTV: 90%
Redemption penalty: Within discount period 1.5% of the amount repaid, thereafter none.
Procuration fee: 0.2%
Arrangement fee: £250
Contact: 01634 848 944
Pink Home Loans
Product: Capped rate mortgage
Funded by: Staffordshire Building Society
Description: Capped until 01/10/2003.
Rate: 5.19%
Max LTV: 95% up to £150,000 for purchases, 90% up to £200,000 for remortgages.
Redemption penalty: 5% in the first three years, 14 days’ interest thereafter.
Procuration fee: 0.3%
Arrangement fee: £295
Other: Free valuation, annual interest.
Contact: 08707 590 170
Skipton Building Society
Product: Capped rate mortgage
Description: Capped until 31/1/2007.
Rate: 6.5%
Max LTV: 85%
Redemption penalty: 5/4/ 3/20/1% for five years.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Free MIG, 10% capital repayment per annum without charge.
Contact: 0800 446 776
DISCOUNTs
Cheshire Building Society
Product: Two-year discount mortgage
Rate: 1.75% discount to variable rate up to 80% LTV, 1.6% discount to variable rate up to 95% LTV.
Max LTV: 95%
Redemption penalty: Repay-ment of discount within incentive period.
Procuration fee: Negotiable
Arrangement fee: None
Contact: 0845 055 4567
Product: Three-year discount
Description: Three-year discount for remortgages only.
Rate: 1.35% discount to variable rate up to 80% LTV.
Max LTV: 80%
Redemption penalty: Repay-ment of discount within incentive period.
Procuration fee: Negotiable
Arrangement fee: None
Contact: 0845 055 4567
Kent Reliance BS
Product: Discount mortgage
Description: Three-year discount
Rate: 1.25% discount up to 75% LTV, 0.75% discount up to 90%.
Max LTV: 90%
Redemption penalty: 1.5% of amount repaid within discount period, thereafter none.
Procuration fee: 0.2%
Arrangement fee: £150
Other: Available from 14 September.
Contact: 01634 848 944
The Mortgage Operation
Product: Fee assisted remortgage
Funded by: Birmingham Midshires Solutions
Description: 30-month discount to remortgagers.
Rate: 1.9% discount , initial payable rate 4.85%
Max LTV: 95%
Redemption penalty: 3/2/1% in years 1/2/3 of amount redeemed.
Procuration fee: 0.35%, minimum £200
Arrangement fee: £99
Other: One free valuation, free legal service, daily interest.
Contact: 020 7571 2414
FIXED RATEs
Abbey National
Product: Fixed rate mortgage
Description: Two-year fixed rate.
Rate: 5.65% up to 75% LTV, 5.85% up to 95% LTV.
Max LTV: 95%
Redemption penalty: 75 days’ interest in incentive period.
Procuration fee: 0.25%, minimum £100.
Arrangement fee: £195
Other: Reverts to a classic tracker at 0.9% over base rate or lifestyle tracker at 1%. Contact: 0800 555 100
Product: Fixed rate mortgage
Description: Three-year fixed rate.
Rate: 5.97% up to 75% LTV, 5.99% up to 95% LTV.
Max LTV: 95%
Redemption penalty: 135 days’ interest in incentive period.
Procuration fee: 0.25%, minimum £100.
Arrangement fee: £195
Other: Reverts to a classic tracker at 0.9% over base rate or lifestyle tracker at 1%.
Contact: 0800 555 100
Product: Fixed rate mortgage
Funded by: Abbey National
Description: Five-year fixed rate.
Rate: 5.69% up to 75% LTV, 5.89 up to 95% LTV.
Max LTV: 95%
Redemption penalty: 280 days’ interest in incentive period for 5.69% rate, and 270 days’ interest for 5.89% rate.
Procuration fee: 0.25%, minimum £100.
Arrangement fee: £195
Other: Reverts to a classic tracker at 0.9% over base rate, or lifestyle tracker at 1%.
Contact: 0800 555 100
Chelsea Building Society
Product: Five-year fixed rate mortgage
Description: Fixed rate until 1/12/2006.
Rate: Initial rate 5.85%.
Max LTV: 95%
Redemption penalty: During fixed rate period 5% of balance outstanding, unless replaced with another Chelsea mortgage.
Procuration fee: £245
Arrangement fee: £295
Other: Free legal fees if Chelsea BS’s solicitors are used, other-wise £200 towards fees. Overpayments of up to 20% of monthly payments without penalty.
Contact: 08702 404 808
Exclusive Connections
Product: Five-year fixed rate mortgage
Funded by: Bristol & West
Description: Fixed for five years.
Rate: 5.99% for five years.
Max LTV: 95%
Redemption penalty: No extended redemption fee.
Procuration fee: Negotiable
Arrangement fee: None
Contact: 0870 330 1817
Product: Fixed rate mortgage
Funded by: Bristol & West
Description: Fixed for two years.
Rate: 4.75%, reverts to bank base rate + 1.75%.
Max LTV: 95%
Redemption penalty: 5% in years one and two, 4% in years three and four, 3% in year five.
Procuration fee: Negotiable
Arrangement fee: None
Contact: 0870 330 1817
Legal & General
Product: Fixed rate mortgage
Description: Fixed until 2/11/2004.
Rate: 5.59%
Max LTV: 75%
Redemption penalty: 145 days’ interest until 2/11/2004.
Procuration fee: Up to £200.
Arrangement fee: £195
Other: Reverts to a flexible mortgage at end of fixed rate.
Contact: 0845 300 9977
Mortgages plc
Product: Adverse fixed rate mortgage
Description: Fixed until 1/12/2002.
Rate: 6.74% up to 65% LTV, 7.24% up to 80% LTV, 7.49% up to 85% LTV.
Max LTV: 85%
Redemption penalty: Six months’ interest in first three years, one month’s interest, or notice thereafter.
Procuration fee: 1%
Arrangement fee: £295 below £250,000, £495 above £250,000.
Other: Any amount of CCJs and arrears.
Contact: 0845 6050 402
Norwich & Peterborough BS
Product: Spanish fixed rate mortgage
Description: Fixed rate for two or five years for people buying property in Spain.
Rate: 5.74% for two years, or 6.49% for five years.
Max LTV: 65%
Redemption penalty: Six months’ interest in the first five years.
Procuration fee: 0.25%
Arrangement fee: £125 on two year, or £225 on five year.
Other: No compulsory buildings or contents insurance, repayments in sterling, repayable up to 20 years.
Contact: 01733 372 006
Pink Home Loans
Product: Three-year fixed rate mortgage
Funded by: Verso
Description: Self-cert only fixed rate.
Rate: 5.75% until 01/11/2004, 5.95% until 01/11/2004 .
Max LTV: 85% up to £300,000, 75% up to £750,000.
Redemption penalty: 5% of amount repaid to 01/11/2005,
5% of amount repaid to 01/11/2004.
Procuration fee: 0.45%
Arrangement fee: £325
Other: Daily interest.
Contact: 08707 590 170
Capital Reward from Standard Life
Standard Life Bank has enhanced its product range with the launch of the Capital Reward Mortgage.
The product automatically reduces the capital over the length of the mortgage, reducing interest paid by paying a bonus of 1% of the borrower’s outstanding capital every two years for the term of the mortgage.
The product has a variable rate, currently 6.45%, and must be repaid before the borrower reaches age 65. The maximum LTV is 90% and only administration costs are charged for early redemption.
The borrower may make a regular or lump sum overpayment of £1,000 and subject to having done so, may take two payment holidays a year after the first six months.
John Gill, finance director at Standard Life, said: ‘We are rewarding the loyalty of our customers by providing a product that works to pay off the loan on a regular basis throughout the full term of the mortgage.
‘Other lenders may focus on the benefits of overpayment. We are taking this one step further by overpaying for our customers by giving a regular two yearly 1% bonus on the outstanding capital. If customers continue to pay the same monthly amount as before, they too will be overpaying.’
There is no arrangement fee and commission for advisers is 0.32% of the loan.
Contact: 0845 845 8451
