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Product round-up

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  • 09/04/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY TO LET

Bristol & West

Product: Buy-to-let fixed rate mortgage

Description: Fixed until 4/2007.

Rate: 6.15%

Max LTV: 85%

Redemption penalty: 7% of amount redeemed until 30/4/2003, 6% until 30/4/2005, 5% until 30/4/2007.

Procuration fee: Negotiable

Arrangement fee: £399

Other: Reverts to base + 1.75%.

Contact: 0117 943 7878

Pink Home Loans

Product: Buy-to-let tracker mortgage

Funded by: Birmingham Midshires

Description: BBR + 1.25% for three years.

Rate: 5.25%

Max LTV: 85%

Redemption penalty: 3% of amount repaid for three years.

Procuration fee: 0.5%, minimum £200.

Arrangement fee: £299

Other: No MIG, daily interest, maximum of 10 properties.

Contact: www.pink.uk.net

Product: Buy-to-let tracker mortgage

Funded by: Birmingham Midshires

Description: BBR + 1.25% for five years.

Rate: 5.25%

Max LTV: 85%

Redemption penalty: 3% of amount repaid for five years.

Procuration fee: 0.5%, minimum £200.

Arrangement fee: £299

Other: No MIG, daily interest, maximum of 10 properties.

Contact: www.pink.uk.net

DISCOUNT

Genesis Home Loans

Product: Planets & Moons Saturn

Funded by: Platform Home Loans

Description: Discount of 1.6% until 1/6/2003.

Rate: Full status 5.77%, self-cert 6.27%.

Max LTV: 85% for purchase, 80% for remortgage.

Redemption penalty: 6% in year one, 6% in year two and 5% in year three, thereafter 1% or one month’s notice.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: CCJs to a maximum of £5,000, four months’ mortgage arrears cleared by application. Bankruptcy should be discharged.

Contact: 01832 275 044

Product: Planets & Moons Jupiter

Funded by: Platform Home Loans

Description: Remortgage mortgage, discount of 1.6% until 1/6/2003.

Rate: Full status 6.02%, self-cert 6.52%.

Max LTV: 85%

Redemption penalty: 6% in year one, 6% in year two, 5% in year three, then 1% or one month’s notice.

Procuration fee: £395

Arrangement fee: Refer to packager.

Other: CCJs to a maximum of £3,000, three months’ mortgage arrears cleared by application. Bankruptcy should be discharged.

Contact: 01832 275 044

Product: Planets & Moons Pluto

Description: Discount of 1.6% until 1/6/2003.

Rate: Full status 6.52%, self cert 7.02%.

Max LTV: 0% purchase, 75% remortgage.

Redemption penalty: 6% in year one, 6% in year two and 5% in year three, thereafter 1% or one month’s notice.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: Unlimited CCJs, six months’ mortgage arrears cleared by completion, bankruptcy discharged.

Contact: 01832 275 044

Mortgage 2000

Product: M-club Staffordshire

Funded by: Staffordshire BS

Description: Three-year discount mortgage.

Rate: 4.25%

Max LTV: 95%

Redemption penalty: 3% of the outstanding loan in year one, 2% in year two and 1% in year three.

Procuration fee: 0.3%, minimum £225.

Arrangement fee: £195

Other: No compulsory insurance, all valuations paid, six months’ free ASU.

Contact: 0845 345 5700]

Pink Home Loans

Product: Discount adverse mortgage

Funded by: Mortgage Express

Description: 0.75% discount for five years.

Rate: 5.5%

Max LTV: 90%

Redemption penalty: Six months’ interest at underlying variable rate for five years.

Procuration fee: 0.5%

Arrangement fee: £325

Other: Unlimited CCJs to £10,000, unlimited defaults and arrears, but none in the last 12 months.

Contact: www.pink.uk.net

FIXED RATE

Bristol & West

Product: Fixed rate cash back mortgage

Description: Fixed until 30/4/2007.

Rate: 6.19%

Max LTV: 95%

Redemption penalty: 7% of amount repaid until 30/4/2003, 6% until 30/4/2005, 5% until 30/4/2007.

Procuration fee: Negotiable

Arrangement fee: None

Other: £300 cash back, no valuation fee, no MIG.

Contact: 0117 943 7878

Product: Five-year fixed rate mortgage

Description: Fixed until 30/4/2007.

Rate: 5.75%

Max LTV: 95%

Redemption penalty: 7% of amount repaid until 30/4/2003, 6% until 30/4/2005, 5% until 30/4/2007.

Procuration fee: Negotiable

Arrangement fee: £399

Contact: 0117 943 7878

Product: Seven-year fixed rate

Description: Fixed until 30/4/2009.

Rate: 5.79%

Max LTV: 95%

Redemption penalty: 7% of amount repaid until 30/4/2004, 6% until 30/4/2006, 5% until 30/4/2009.

Procuration fee: Negotiable

Arrangement fee: £399

Contact: 0117 943 7878

Market Harborough BS

Product: Fixed rate flexible mortgage

Description: Two-year fixed rate from inception of mortgage.

Rate: 2.74%

Max LTV: 80%

Redemption penalty: Six months’ interest at the SVR during fixed rate period and for three years after. Afterwards one month’s interest at SVR, or one month’s notice. 10% partial redemption allowed penalty free in any one year.

Procuration fee: £300 plus £75 if LTV is less than 75% and loan is greater than £75,000.

Arrangement fee: £295

Other: Three months’ free buildings and contents insurance. Over £50,000 the society will pay legal fees. Daily interest.

Contact: 01858 463 244

Pink Home Loans

Product: Fixed rate adverse mortgage

Funded by: Mortgage Express

Description: Fixed until 3/6/2004.

Rate: 5.49%

Max LTV: 90%

Redemption penalty: Six months’ interest at underlying variable rate until 3/6/2006.

Procuration fee: 0.5%

Arrangement fee: £325

Other: Unlimited CCJs to £10,000, unlimited defaults and arrears, but none in the last 12 months.

Contact: www.pink.uk.net

Product: Fixed rate adverse mortgage

Funded by: Mortgage Express

Description: Fixed until 3/6/2007.

Rate: 6.49%

Max LTV: 90%

Redemption penalty: Six months’ interest at fixed rate until 3/6/2006.

Procuration fee: 0.5%

Arrangement fee: £325

Other: Unlimited CCJs to £10,000, unlimited defaults and arrears, but none in the last 12 months.

Contact: www.pink.uk.net

SELF CERT

Genesis Home Loans

Product: Planets & Moons Ganymede

Funded by: Platform Home Loans

Description: Self-cert discount mortgage.

Rate: Including 1.6% discount until 1/6/2003 ‘ 7.02%.

Max LTV: 80%

Redemption penalty: 6% in year one, 6% in year two and 5% in year three, thereafter 1%, or one month’s notice.

Procuration fee: Refer to packager

Arrangement fee: £395

Other: Unlimited CCJs. No reference needed for rent or mortgage payments. Bankruptcy discharged for the employed and self-employed.

Contact: 01832 275 044

Mortgage 2000

Product: Mortgage Express self-cert

Funded by: Mortgage Express

Description: Fixed to 3/6/2007.

Rate: 6.35%

Max LTV: 90%

Redemption penalty: Six months’ gross interest at BBR for scheme period.

Procuration fee: 0.5%

Arrangement fee: £325

Other: No compulsory insurance, free indemnity.

Contact: 0845 345 5700

Product: Mortgage Express self-cert

Description: Fixed to 3/6/2005.

Rate: 6.24%

Max LTV: 90%

Redemption penalty: Six months’ gross interest at BBR for scheme period.

Procuration fee: 0.5%

Arrangement fee: £325

Other: No compulsory insurance, free indemnity.

Contact: 0845 345 5700

Product: Mortgage 2000 Southern Pacific discount

Funded by: SPML

Description: Two stage discount mortgage: 1.75% discount to 1/6/2003, from Libor + 3.75%, then 0.75% discount to 1/6/2004.

Rate: 6.10%

Max LTV: 80% to £350,000, over £350,000 negotiable.

Redemption penalty: 7% of out-standing loan for first three years.

Procuration fee: 1.5% of advance, minimum £500, maximum £5,000.

Arrangement fee: £495

Other: Any amount of CCJs to £10,000, four months’ arrears allowed, no compulsory insurance, free indemnity.

Contact: 0845 345 5700

TMO steps up range with self-cert product

The Mortgage Operation (TMO) has released a stepped discount self-certification mortgage. Funded by Verso, it gives an initial 4% discount which translates to a pay rate of 1.98%.

Richard Stokes, product development manager, said: ‘This product has a 4% discount for the first three months, which significantly reduces the applicant’s mortgage payments at a time when they most need money in their pockets. There is then a generous 1.25% discount for the remainder of the first three years. After this, the broker can reassess the applicant’s options, knowing redemption charges will not apply.’

The mortgage is available to second-time buyers, remortgagers and self-employed first-time buyers. In the discount period the redemption penalty is set at 5% of the amount redeemed.

Stokes added: ‘Speed will be a key benefit for this product. Verso has an on-site under-writing facility at TMO and since no proof of income is required the process should be extremely swift.’

There is an arrangement fee of £325 and a procuration fee of 0.5%, with a minimum of £350.

Contact: 0845 130 3888

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