BUY TO LET
Exclusive Connections
Product: Exclusive buy-to-let
Funded by: Mortgage Express
Description: Fixed until 3/3/2007.
Rate: 6.25%
Max LTV: 80%
Redemption penalty: Six months’ interest at fixed rate until 3/3/2007.
Procuration fee: Negotiable
Arrangement fee: £325
Other: Full status, flexible option available, minimum loan size £40,000.
Contact: 0870 330 1817
Mortgage Next
Product: Buy-to-let discount
Funded by: Verso
Description: 1.25% discount to 1/3/2006 or 1.75% discount to 1/3/2003, both from BBR + 1.98%.
Rate: 4.73% or 4.23%.
Max LTV: 85%
Redemption penalty: In discount period a fee of 5% of amount repaid.
Procuration fee: 0.25%, minimum £200.
Arrangement fee: 1%, minimum £500.
Other: No MIG, no redemption overhang.
Contact: 0845 130 2223
Product: Buy-to-let discount
Funded by: Mortgage Express
Description: 0.76% discount from BBR = 1.75% for 80% LTV (BBR + 1.5% to 75% LTV) for three or five years.
Rate: 4.99% to 80% LTV (4.74% to 75% LTV).
Max LTV: 80%
Redemption penalty: Six months’ interest at SVR during discount period.
Procuration fee: 0.5%
Arrangement fee: 0.5%
Other: Unlimited number of properties to a maximum of £1m.
Contact: 0845 130 2223
Pink Home Loans
Product: Buy-to-let tracker
Funded by: Birmingham Midshires
Description: BBR + 0.99% for three years, reverts to BBR + 1.75%.
Rate: 4.99%
Max LTV: 85%
Redemption penalty: 4% of amount repaid in year one, 3% in years two and three.
Procuration fee: 0.5%, minimum £200 and maximum £5,000.
Arrangement fee: £299
Other: Daily interest, available through direct and packaged submission.
Contact: 08707 590 169 or
www.pink.uk.net
Product: Buy-to-let discount
Funded by: Legal & General Bank
Description: Stepped discount for three years, 1.25% discount in year one, 0.75% in year two, 0.5% in year three.
Rate: 4.49% year one.
Max LTV: 70%
Redemption penalty: 4% of original loan amount in year one, 3% in year two, 2% in year three. Only charged on full redemption.
Procuration fee: 0.25%
Arrangement fee: £195
Other: Cash back of £250 and refunded valuation fee.
Contact: L&G Bank on 08700
100 338 or www.pink.uk.net
DISCOUNT
Chelsea Building Society
Product: Three-year discount mortgage
Description: 1.5% discount on SVR for three years following completion.
Rate: 4.19%
Max LTV: 95%
Redemption penalty: 3% of all capital repaid in first three years unless replaced with lender’s own mortgage.
Procuration fee: Variable
Arrangement fee: None
Other: Free legal fees or a £200 contribution (direct business only).
Contact: 08702 404 808
Coventry Building Society
Product: Discount mortgage
Description: 2.1% discount off SVR to 31/5/2004.
Rate: 3.59%
Max LTV: 95%
Redemption penalty: Six months’ interest to 31/5/2004.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Free remortgage transfer service.
Contact: 0845 766 5522
Genesis Home Loans
Product: Planet & Moons ‘ Mars
Funded by: Platform Home Loans
Description: 1.6% discount until 1/6/2003.
Rate: 6.275% full status, 6.525% self cert.
Max LTV: 90%
Redemption penalty: 6% in first two years, 5% in the third, thereafter 1% of amount redeemed or one month’s notice in lieu.
Procuration fee: Refer to packager.
Arrangement fee: £395
Other: CCJs maximum £3,000, two months’ mortgage arrears, bankruptcy discharged one year.
Contact: 01832 275 044
Product: Planet & Moons ‘ Venus
Funded by: Platform Home Loans
Description: 1.6% discount until 1/6/2003.
Rate: 6.775%
Max LTV: 95% purchase, 90% remortgage.
Redemption penalty: 6% in first two years, 5% in the third, thereafter 1% of amount redeemed or one month’s notice in lieu.
Procuration fee: Refer to packager.
Arrangement fee: £395
Other: Full status, no CCJs or defaults in last six months, maximum £3,000, one month’s arrears cleared by application, bankruptcy discharged one year.
Contact: 01832 275 044
Product: Planet & Moons ‘ Mercury
Funded by: Platform Home Loans
Description: 1.6% discount until 1/6/2003.
Rate: 6.275%
Max LTV: 95% purchase, 90% remortgage.
Redemption penalty: 6% in first two years, 5% in the third, thereafter 1% of amount redeemed or one month’s notice in lieu.
Procuration fee: Refer to packager.
Arrangement fee: £395
Other: Full status,
no CCJs or defaults in last 12 months, maximum £3,000, one month’s arrears cleared by application, bankruptcy discharged one year.
Contact: 01832 275 044
Mortgage 2000
Product: Mortgage 2000 m-club Staffordshire
Funded by: Staffordshire BS
Description: Three-year discount.
Rate: 4.25%
Max LTV: 95%
Redemption penalty: 3% of outstanding loan in year one, 2% in year two, 1% in year three.
Procuration fee: 0.3% minimum £225.
Arrangement fee: £195
Other: £300 cash back, no compulsory insurance, valuations paid, six months’ free ASU.
Contact: 0845 345 5700
Pink Home Loans
Product: Discount mortgage
Funded by: Bristol & West
Description: 3.24% discount for two years.
Rate: 2.51%
Max LTV: 95%
Redemption penalty: 5% of amount repaid in first two years.
Procuration fee: 0.35%, minimum £150.
Arrangement fee: £299
Other: Available through direct and packaged submission.
Contact: 08707 590169 or
www.pink.uk.net
FIXED
Chelsea Building Society
Product: Two-year fixed rate
Description: Fixed until 1/6/2004.
Rate: 4.69%
Max LTV: 95%
Redemption penalty: 3% of all capital repaid before 1/6/2004 unless replaced with a new Chelsea mortgage.
Procuration fee: Variable
Arrangement fee: £295
Other: Free legal fees or a £200 contribution (direct business only).
Contact: 08702 404 808
Product: Three-year fixed rate mortgage
Description: Fixed until 1/6/2005.
Rate: 4.99%
Max LTV: 95%
Redemption penalty: 3% of all capital repaid before 1/6/2005 unless replaced with a new Chelsea mortgage.
Procuration fee: Variable
Arrangement fee: £295
Other: Free legal fees or a £200 contribution (direct business only).
Contact: 08702 404 808
Coventry Building Society
Product: Flexx fixed mortgage
Description: Fixed to 31/5/2004.
Rate: 5.25%
Max LTV: 95%
Redemption penalty: No early redemption penalty.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Daily interest, free remortgage transfer service, free valuation.
Contact: 0845 766 5522
Product: Fixed remortgage
Description: Fixed to 31/5/2004.
Rate: 4.99%
Max LTV: 95%
Redemption penalty: Six months’ interest to 31/5/2004.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Free remortgages transfer service, free valuation.
Contact: www.remortgages.co.uk
SELF CERTIFICATION
Exclusive Connections
Product: Self-certification discount mortgage
Funded by: Verso
Description: BBR + 0.99% for four years with a 1% discount in year one, BBR + 1.98% for remaining term.
Rate: 3.99%
Max LTV: 85%
Redemption penalty: 5% of amount repaid in the first four years, one month’s interest or notice in lieu thereafter.
Procuration fee: Negotiable
Arrangement fee: £325
Other: Verbal reference from accountant or employer, clear credit search and existing lender’s reference, MIG 70%-85% LTV at 6.96%.
Contact: 0870 330 1817
Mortgage 2000
Product: Mortgage 2000 Mortgage Express self cert
Funded by: Mortgage Express
Description: Fixed until 3/3/2007.
Rate: 5.99%
Max LTV: 80%
Redemption penalty: Six months’ gross interest at base for scheme period.
Procuration fee: 0.5%
Arrangement fee: £325
Other: No compulsory insurance and free indemnity.
Contact: 0845 345 570
New non-conforming deals from PHL
Platform Home Loans has launched two new products, an 18-month and a two-year discount mortgage.
The two-year product offers a 1.5% discount until 1/4/2004 and the 18-month deal offers a 1.75% discount until 1/10/2003. The two-year offer is thought to be the only one in the non-conforming sector. Both offer an LTV up to 95%.
Guy Batchelor, Platform Home Loans’ sales and marketing director, said: ‘We are concentrating on discount products following feedback from our intermediaries that their clients preferred these options, plus we have seen the cost of short-term fixed rate funding increase since the new year. The main benefit of these products will be that intermediaries can now give their clients the same breadth of choice as if they were recommending a high street lender’s products.’
The mortgages are available as full status, self-cert, purchase and remortgage. Redemption penalties are 6% in the first two years, 5% in the third year and 4% in the fourth year.
Contact: 0845 600 7100
