BUT-TO-LET
Genesis Home Loans
Product: Genesis Prospector buy-to-let fixed mortgage
Funded by: GMAC RFC
Description: Fixed until 1/6/2004.
Rate: 5.99% to 75% LTV, 6.39% to 85% LTV.
Max LTV: 85%
Redemption penalty: 5% during the fixed rate period only.
Procuration fee: Refer to packager.
Arrangement fee: £395 added to advance.
Other: Income must be 130% of mortgage payment.
Contact: 01832 275 044
GMAC RFC
Product: Buy-to-let fixed mortgage
Description: Fixed until 1/6/2004.
Rate: 5.99% to 75% LTV, 6.39% to 85% LTV.
Max LTV: 85%
Redemption penalty: 5% of the sum repaid until 1/6/2004 on full or partial redemption.
Procuration fee: 0.5%
Arrangement fee: £395
Other: No MIG, unlimited properties to £1m, purchase or remortgage.
Contact: 01344 477 477
CAPPED
Coventry Building Society
Product: Five-year Flexx capped rate mortgage
Description: Capped at 5.99% to 31/7/2007.
Rate: 5.49 %
Max LTV: 95%
Redemption penalty: None
Procuration fee: Negotiable
Arrangement fee: £295
Other: Free remortgage transfer service, free valuation, daily interest.
Contact: 0845 766 5522
DISCOUNT
Coventry Building Society
Product: Two-year discount rate remortgage
Description: 1.86% discount to 31/5/2004.
Rate: 3.89%
Max LTV: 95%
Redemption penalty: Six months’ interest to 31/7/2007.
Procuration fee: Negotiable
Arrangement fee: £145
Other: Free remortgage transfer service, free valuation.
Contact: www.remortgages.co.uk
Product: Five-year discount mortgage
Description: 1.45% off SVR to 31/7/2007.
Rate: 4.3%
Max LTV: 95%
Redemption penalty: Three months’ interest to 31/7/2007.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Discounted legal fees if nominated solicitor is used.
Contact: 0845 766 5522
Product: Two-year discount
Description: 1.86% off SVR to 31/7/2004.
Rate: 3.89%
Max LTV: 95%
Redemption penalty: Six months’ interest to 31/7/2004.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Free remortgage transfer, free valuation.
Contact: 0845 766 5522
Product: Three-year discount mortgage
Description: 1.55% off SVR to 31/7/2005.
Rate: 4.2%
Max LTV: 95%
Redemption penalty: Three months’ interest to 31/7/2005.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Free remortgage transfer, free valuation.
Contact: 0845 766 5522
Exclusive Connections
Product: Exclusive flexible discount mortgage
Funded by: Mortgage Express
Description: 0.49% discount for two years from BBR + 0.99% up to 95% LTV or BBR + 0.79% up to 75% LTV.
Rate: 4.3% up to 75% LTV, 4.5% up to 95% LTV.
Max LTV: 95%
Redemption penalty: Nil
Procuration fee: Negotiable
Arrangement fee: £325
Other: No MIG, purchase and remortgage.
Contact: 0870 330 1817
First National Mortgage Company
Product: Fresh Start 85% discount mortgage
Description: Adverse credit 2% discount until August 2003.
Rate: 6.24%
Max LTV: 85%
Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 1% or one month’s notice.
Procuration fee: Refer to lender
Arrangement fee: £145 to £450 dependent on loan.
Other: 12 consecutive payments on time drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.
Contact: 020 8909 8000
Product: Fresh Start 90% discount mortgage
Description: Adverse credit 1.75% discount until August 2003.
Rate: 6.74%
Max LTV: 90%
Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 1% or one month’s notice.
Procuration fee: Refer to lender
Arrangement fee: £145 to £450 dependent on loan.
Other: 12 consecutive on time payments drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.
Contact: 020 8909 8000
Product: Fresh Start 95% discount mortgage
Description: Adverse credit 1.5% discount until August 2003.
Rate: 7.24%
Max LTV: 95%
Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 1% or one month’s notice.
Procuration fee: Refer to lender
Arrangement fee: £145 to £450 dependent on loan.
Other: 12 consecutive payments on time drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.
Contact: 020 8909 8000
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 for two years, 4% for two years, then 1% for one year plus administration fee (currently £100).
Procuration fee: 0.25% (minimum £100).
Arrangement fee: £299
Other: First-time buyers accepted, applicants who earn over £20,000 and who have paid all credit commitments on time qualify for four times principle salary plus the second.
Contact: www.pink.uk.net
FIXED
Coventry Building Society
Product: Five-year fixed rate mortgage
Description: Fixed to 31/7/2007.
Rate: 5.85%
Max LTV: 95%
Redemption penalty: Six months’ interest to 31/7/2007.
Procuration fee: Negotiable
Other: Free remortgage transfer service.
Contact: 0845 766 5522
Product: Two-year fixed rate mortgage
Description: Fixed to 31/5/2004.
Rate: 4.99%
Max LTV: 95%
Redemption penalty: Six months’ interest to 31/7/2007.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Free remortgage transfer service.
Contact: 0845 766 5522
First National Mortgage Company
Product: Fresh Start 85% fixed rate mortgage
Description: Adverse credit fixed until August 2003.
Rate: 6.74%
Max LTV: 85%
Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 1% or one month’s notice.
Procuration fee: Refer to lender
Arrangement fee: £145 to £450 dependent on loan.
Other: 12 consecutive on time payments drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.
Contact: 020 8909 8000
Product: Fresh Start 90% fixed rate mortgage
Description: Adverse credit fixed until August 2003.
Rate: 6.99%
Max LTV: 90%
Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 15 or one month’s notice.
Procuration fee: Refer to lender.
Arrangement fee: £145 to £450 dependent on loan.
Other: 12 consecutive payments on time drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.
Contact: 020 8909 8000
Product: Fresh Start 95% fixed rate mortgage
Description: Adverse credit fixed until August 2003.
Rate: 7.24%
Max LTV: 95%
Redemption penalty: 4% in year one, 3% in year two, 2% in year three, 1% in year four, thereafter 1% or one month’s notice.
Procuration fee: Refer to lender.
Arrangement fee: £145 to £450 dependent on loan.
Other: 12 consecutive on time payments drops the rate by 0.5%, after three such payment drops loan reverts to self-cert variable rate.
Contact: 020 8909 8000
Market Harborough BS
Product: Fixed rate
Description: Fixed for two years then 1% discount for three years.
Rate: 3.99%
Max LTV: 80%
Redemption penalty: Six months’ interest at SVR during the first five years. After this one month’s interest or one month’s notice without penalty providing they do not exceed the 10% of the balance.
Procuration fee: £300 plus £75 if the LTV is less than 75% and the loan is more than £75,000.
Arrangement fee: £295
Other: Flexible, three months’ free buildings and contents insurance.
Contact: 01858 463 244
Product: Fixed rate flexible mortgage
Description: Fixed for two years
Rate: 2.99%
Max LTV: 80%
Redemption penalty: Six months’ interest at SVR during fixed rate period and for the first three years after the period expires. After this one month’s interest or one month’s notice without penalty, providing they do not exceed 10% of the balance.
Procuration fee: £300 plus £75 if the LTV is less than 75% and the loan is more than £75,000.
Arrangement fee: £295
Other: Flexible, three months’ free buildings and contents insurance.
Contact: 01858 463 244
Pink Home Loans
Product: Fixed rate mortgage
Funded by: Bristol & West
Description: Fixed for two years.
Rate: 3.99%
Max LTV: 95%
Redemption penalty: 5% of amount repaid for two years, 4% for two years, then 3% for one year plus administration fee.
Procuration fee: £500
Arrangement fee: £399
Other: First-time buyers accepted, underlying rate is bank base rate plus 1.75%.
Contact: www.pink.uk.net
Skipton Building Society
Product: Fixed rate mortgage
Description: Fixed for two years following completion followed by 0.3% discount in years three and four and 0.5% discount from year five onwards.
Rate: 5.19%
Max LTV: 90%
Redemption penalty: 1% for three years, up to 10% repayment allowed without charge.
Procuration fee: Minimum £100.
Arrangement fee: £250
Other: No MIG, fixed legal fees, flexible options.
Contact: 0870 241 2182
SELF-CERT
Genesis Home Loans
Product: Genesis challenger self-cert fixed
Funded by: GMAC RFC
Description: Fixed until 1/6/2004.
Rate: 5.89% to 75% LTV, 6.29% to 85% LTV.
Max LTV: 85%
Redemption penalty: 5% during fixed rate period only.
Procuration fee: Refer to packager.
Arrangement fee: £395
Other: No MIG, one CCJ less than £300 which must be satisfied, one month’s arrears in the last 12 ‘ which must be up to date.
Contact: 01832 275 044
GMAC RFC
Product: Self-cert fixed rate mortgage
Description: Fixed until 1/6/2004.
Rate: 5.89% to 75% LTV, 6.29% to 85% LTV.
Max LTV: 85%
Redemption penalty: 5% of the sum repaid until 1/6/2004 on full or partial redemption.
Procuration fee: 0.5%
Arrangement fee: £395
Other: No MIG, normally no paper references.
Contact: 01344 477 477
Mortgage 2000
Product: The Mortgage Business self-cert
Funded by: The Mortgage Business
Description: Base rate self-cert.
Rate: 5.84%
Max LTV: 85%
Redemption penalty: Three months’ interest at base rate for the first three years.
Procuration fee: 0.50%
Arrangement fee: £299
Other: No compulsory insurance.
Contact: 0845 345 5700
Pink Home Loans
Product: Exclusive self-cert discount mortgage
Funded by: Britannic Money
Description: 1% discount for two years.
Rate: 4.89%
Max LTV: 85%
Redemption penalty: 2% of amount repaid for two years.
Procuration fee: 0.5%
Arrangement fee: Nil
Other: MIG-free, first-time buyers accepted.
Contact: www.pink.uk.net
Product: Flexible self-cert tracker
Funded by: Birmingham Midshires
Description: Two-year self-cert.
Rate: 4.99%
Max LTV: 85%
Redemption penalty: None
Procuration fee: 0.5% (minimum £200, maximum £5,000).
Arrangement fee: £299
Other: First-time buyers accepted, flexible options available.
Contact: www.pink.uk.net
A helping hand from Southern Pacific
Mortgage 2000 is offering a new sub-prime stepped discount mortgage, funded by Southern Pacific Mortgage Ltd (SPML).
The product offers a discount of 1.75% until 1 June 2003, which then reduces to a 0.75% discount until 1 June 2004. Interest rates are based on Libor from plus 3.25% to plus 4.25%, which depends on the client’s employment, self-certification and purchase or remortgage status. A loan to value ratio of up to 80% is available. CCJs up to £10,000 are acceptable as are bankrupts that have been discharged a year.
Sean Hornsby, sales and marketing director at Mortgage 2000, said: ‘This highly-competitive discount from SPML, combined with historically low underlying interest rates, brings a payable rate of 6.6% within reach of borrowers with a past history of credit difficulties.
‘The step down to 0.75% after 1 June 2003 prevents borrowers from experiencing rate shock, commonly suffered by those coming off discounts straight back onto normal variable rates. We are delighted to be collaborating with SPML to offer such an excellent service to non-conforming borrowers.’
The product carries an arrangement fee of £495, and a procuration fee by arrangement with Mortgage 2000.
Contact: 0845 345 5700
