BUY-TO-LET
Exclusive connections
Product: Buy-to-let discount mortgage
Funded by: Mortgage Express
Description: 0.76% discount for first year.
Rate: 4.99%
Max LTV: 85%
Redemption penalty: Six months’ interest at the SVR for three years.
Procuration fee: Negotiable
Arrangement fee: £325
Other: No flats above shops, no ex-council properties, no DSS. Estimated income 130% above repayment level.
Contact: 0870 330 1817
Mercantile Building Society
Product: Buy-to-let discount mortgage
Description: 1% discount until 31/3/2004.
Rate: 4.84%
Max LTV: 75%
Redemption penalty: 3% for three years.
Procuration fee: 0.25% minimum £150, maximum £250 payable to registered introducers.
Arrangement fee: Booking fee £100, completion fee £195.
Other: No tie-in after discount period.
Contact: 0500 295 500
Pink Home Loans
Product: Buy-to-let discount mortgage
Funded by: Birmingham Midshires
Description: 0.66% discount for three years.
Rate: 5.29%
Max LTV: 85%
Redemption penalty: 4% in year one and 3% in years two and three.
Procuration fee: 0.5%, minimum £200, maximum £5,000.
Arrangement fee: £299
Other: Daily interest, monthly rental must cover 125% mortgage payments at SVR on interest-only basis.
Contact: www.pink.uk.net
DISCOUNT
Legal & General
Product: Stepped discount mortgage
Description: 2.5% discount from SVR in year one and 1.82% discount in year two.
Rate: 3.45%
Max LTV: 95%
Redemption penalty: Six months’ interest on full repayment until 30/04/04, up to 10% repayment allowable yearly without incurring a charge.
Procuration fee: Average £200
Arrangement fee: £100
Other: Daily interest.
Contact: 0845 300 9977
Mercantile Building Society
Product: Five-year discount mortgage
Description: 0.8% discount to 95% LTV, 1.05% to 90% LTV and 1.5% to 75% LTV.
Rate: 5.24%, 4.99% and 4.34%
Max LTV: 95%
Redemption penalty: Discount and benefits reclaimed up to five years, capital repayments up to 10% annually without penalty.
Procuration fee: 0.25% minimum £150, maximum £250 payable to registered introducers.
Arrangement fee: None
Other: Remortgage ‘ free solicitors costs when using a nominated MBS solicitor.
Contact: 0500 295 500
Pink Home Loans
Product: Discount flexible mortgage
Funded by: Britannic Money
Description: 0.65% discount for three years.
Rate: 4.59% up to 75% LTV, 4.84% up to 85% LTV, 5.09% up to 95% LTV.
Max LTV: 95%, 80% if self-cert option taken.
Redemption penalty: 1.5% of the amount repaid for three years, only charged if loan is paid in full.
Procuration fee: 0.35%
Arrangement fee: None
Other: Free remortgage legal service, £250 cashback, no MIG.
Contact: www.pink.uk.net
Yorkshire Building Society
Product: Two-year stepped rate discount mortgage
Description: 2.5% discount for first year, then 0.5% discount for the second year.
Rate: 2.95%
Max LTV: 95%
Redemption penalty: 3% payable in years one and two, part repayments allowed without charge.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Free mortgage payment insurance for six months, daily interest, over/underpayment and payment holidays available.
Contact: 0845 1200 899
FIXED RATE
Chelsea Building Society
Product: Two-year fixed rate mortgage
Description: Fixed until 1/6/2004.
Rate: 4.99%
Max LTV: 95%
Redemption penalty: 3% on all capital repaid before 1/6/2004 ‘ unless replaced by a new Chelsea BS mortgage on a different property.
Procuration fee: Negotiable
Arrangement fee: £295
Other: A fixed administration fee of £245 of which £195 is paid at time of application ‘ remaining added to loan.
Contact: 0800 291 291
Pink Home Loans
Product: Fixed rate adverse credit mortgage ‘ plan G
Funded by: Mortgages plc
Description: Fixed to 31/3/2003.
Rate: 5.45%
Max LTV: 85%
Redemption penalty: 6% for three years.
Procuration fee: 1%, minimum £500, maximum £5,000.
Arrangement fee: £395
Other: Unlimited CCJs, maximum six months arrears at application with maximum of three in the last three months, full status and self-cert.
Contact: www.pink.uk.net
Product: Fixed rate buy-to-let mortgage ‘ plan H
Funded by: Mortgages plc
Description: Fixed to 31/3/2003.
Rate: 5.45%
Max LTV: 80%
Redemption penalty: 6% for three years.
Procuration fee: 1%, minimum £500, maximum £5,000.
Arrangement fee: £395
Other: Rent to exceed 130% of mortgage repayment.
Contact: www.pink.uk.net
Product: Fixed rate 100% mortgage
Funded by: Mortgage Express
Description: Fixed to 3/6/2007.
Rate: 6.24%
Max LTV: 105%, 102% for first- time buyers.
Redemption penalty: Six months’ interest at fixed rate until 3/6/2007.
Procuration fee: 0.3%
Arrangement fee: £325
Other: No MIG, purchase only.
Contact: www.pink.uk.net
Product: Fixed rate 100% mortgage
Funded by: Mortgage Express
Description: Fixed to 3/6/2005.
Rate: 5.99%
Max LTV: 105%, 102% for first- time buyers.
Redemption penalty: Six months’ interest at fixed rate until 3/6/2005.
Procuration fee: 0.3%
Arrangement fee: £325
Other: No MIG, purchase only.
Contact: www.pink.uk.net
Yorkshire Building Society
Product: Fixed rate mortgage
Description: Fixed for five years.
Rate: 5.89%
Max LTV: 95%
Redemption penalty: 5% in years one to three, 4% in year four, 3% in year five.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Free mortgage payment insurance for six months, daily interest, over/underpayment and payment holidays available.
Contact: 0845 1200 899
Product: Fixed rate mortgage
Description: Fixed for two years.
Rate: 4.99% to 75% LTV, 5.49% to 95% LTV.
Max LTV: 95%
Redemption penalty: 3% payable in years one and two, part repayments allowed without charge.
Procuration fee: Negotiable
Arrangement fee: £295
Other: £500 cashback with 5.49% option, free mortgage payment insurance for six months, daily interest, over/ underpayment and payment holidays available.
Contact: 0845 1200 899
OFFSET
Yorkshire Building Society
Product: Offset account mortgage
Description: Bank of England base rate + 0.75% for five years.
Rate: 4.75%
Max LTV: 95%
Redemption penalty: 1% in years one and two, part payments allowed without charge.
Procuration fee: Negotiable
Arrangement fee: None
Other: 1% of the loan amount paid as cashback into offset account on completion.
Contact: 0845 1200 899
SELF CERTIFICATION
Pink Home Loans
Product: Self-cert fixed rate mortgage
Funded by: Mortgage Express
Description: Fixed until 3/6/2005.
Rate: 6.24%
Max LTV: 90%
Redemption penalty: Six months’ interest at fixed rate until 3/6/2005.
Procuration fee: 0.5%
Arrangement fee: £325
Other: Flexible options available, no MIG, first-time buyers and remortgages up to 80% LTV.
Contact: www.pink.uk.net
Product: Self-cert fixed rate mortgage
Funded by: Mortgage Express
Description: Fixed until 3/6/2007.
Rate: 6.35%
Max LTV: 90%
Redemption penalty: Six months’ interest at fixed rate until 3/6/2007.
Procuration fee: 0.5%
Arrangement fee: £325
Other: Flexible options available, no MIG, first-time buyers and remortgages up to 80% LTV.
Contact: www.pink.uk.net
The best of both worlds with Mortgage Next
Mortgage Next has launched a new product called the Aggregator Mortgage. Funded by Bristol & West, the mortgage splits 50/50 between a fixed rate and a variable rate product. It is intended to allow homebuyers the chance to take advantage of current rates at 1% above base rate for term, while fixing half the loan at 5.65% until 31 May 2007. The current aggregator rate is 5.33%.
Justine Tomlinson, director of marketing at Mortgage Next, said: ‘With bank base rates at their lowest for 50 years, people are keen to take advantage of the low variable rates on offer. However, such rates are predicted to rise later in the year, so fixed rate products may be more attractive in the long term. Increasingly, consumers are looking for flexibility to repay part of their mortgage at an earlier date, and the redemption free element of this mortgage enables this to happen. The Aggregator Mortgage offers home buyer the best of both worlds’ agreement.
Redemption penalties apply only to the fixed half, at 7% of the sum repaid until 2003, 6% until 2005 and 5% until 2007, plus a £100 administration fee, payable only on full redemption. The product carries a procuration fee of 0.3%.
Contact: 0845 130 2223