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