You are here: Home - News -

Product round-up

by:
  • 06/06/2002
  • 0
Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY-TO-LET

BM Solutions

Product: Buy-to-let flexible mortgage

Description: 0.46% discount off SVR for three years followed by SVR for life.

Rate: 5.49%

Max LTV: 75%

Redemption penalty: None

Procuration fee: 0.5% minimum £200, maximum £5,000.

Arrangement fee: 1%, minimum £299.

Other: Daily interest, underpayments and payment holidays available after six months’ payments met. Maximum 10 properties, income must be 125% of SVR rate repayments.

Contact: 0800 587 2211

Product: Buy-to-let fixed rate

Description: Fixed until 1/8/2005 followed by SVR.

Rate: 6.29%

Max LTV: 85%

Redemption penalty: 5% to 1/8/2003, 4% to 1/8/2004, and 3% to 1/8/2005.

Procuration fee: 0.5% minimum £200, maximum £5,000.

Arrangement fee: £299

Other: Maximum 10 properties, income must be 125% of SVR rate repayments, no multiple lets ‘ including students.

Contact: 0800 587 2211

CAPPED

Bristol & West

Product: Capped rate mortgage

Description: BBR + 0.99% for term of loan, capped at 6.97% until 31/7/2005.

Rate: 4.99%

Max LTV: 95%

Redemption penalty: 5% to 31/7/2004 then 4% to 31/7/2005.

Procuration fee: 0.3%, minimum £150.

Arrangement fee: £299

Other: MIG paid by B&W

Contact: 0117 943 7878

DISCOUNT

BM Solutions

Product: Sub-prime discount mortgage

Description: 1.11% off SVR for six months then SVR + 0.5% for 30 months.

Rate: 4.84%

Max LTV: 90%

Redemption penalty: 4%, 3% 2% in years one, two and three respectively.

Procuration fee: 1% minimum £250, maximum £2,500.

Arrangement fee: £299

Other: £5,000 maximum CCJs ‘ none in last six months, maximum two months’ arrears in last 12 months, bankruptcy discharged for one year.

Contact: 0800 587 2211

Market Harborough BS

Product: 3-2-1 discount mortgage

Description: 3% off SVR in year one, 2% off SVR in year two, 1% off SVR in year three.

Rate: 2.74%

Max LTV: 85%

Redemption penalty: Six months’ interest at SVR on repayment during fixed rate period, thereafter one month’s interest or one month’s notice. Partial redemption of less than 10% of outstanding balance acceptable without penalty.

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

Arrangement fee: £295

Other: No compulsory insurance, but £40 taken if client uses own buildings insurance, daily interest, refund of first six months of ASU policy first three months’ build- ings and contents insurance free.

Contact: 01858 463 244

Product: Discount for life of loan.

Description: 1% discount from inception date for life of the loan.

Rate: 4.74%

Max LTV: 85%

Redemption penalty: One month’s interest at SVR on repayment for life of the loan or one month’s notice. Partial redemption of less than 10% of outstanding balance acceptable without penalty.

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

Arrangement fee: £295

Other: No compulsory insurance, but £40 taken if client uses own buildings insurance, daily interest, refund of first six months of ASU policy, first three months’ buildings and contents insurance free.

Contact: 01858 463 244

Mortgage 2000

Product: Mortgage 2000 m-club Staffordshire BS

Description: Three-year discount.

Rate: 4.25%

Max LTV: 95%

Redemption penalty: 5% of outstanding loan for first year, 2% for next year, 1% for next year.

Procuration fee: 0.3%, minimum £225.

Arrangement fee: £195

Other: £300 cash back, no compulsory insurance.

Contact: 0845 345 5700

Pink Home Loans

Product: Express status discount mortgage

Description: 1.75% discount to 1/6/2004.

Rate: 3.99%

Max LTV: 95%

Redemption penalty: None

Procuration fee: 0.35%

Arrangement fee: £395

Other: One CCJ of less than £300 considered if satisfied, one month’s arrears in last 12 months may also be considered.

Contact: www.pink.uk.net

Product: Three-year stepped discount

Description: 0.65% discount for two years, followed by a 0.3% discount for one year.

Rate: 4.35%

Max LTV: 95%

Redemption penalty: 5% of the amount repaid for two years, then 4% for one year, plus admin-istration fee (currently £100).

Procuration fee: 0.3%, minimum £100.

Arrangement fee: £299

Other: If client earns at least £20,000 and has paid all credit commitments on time then income multiples can be extended to 4+1.

Contact: www.pink.uk.net

FIXED

BM Solutions

Product: Sub-prime fixed rate mortgage

Description: Fixed until 1/4/2003.

Rate: 4.98%

Max LTV: 90%

Redemption penalty: 4%, 3% 2% in years one, two and three respectively.

Procuration fee: 1% minimum £250, maximum £2,500.

Arrangement fee: £299

Other: £5,000 maximum CCJs ‘ none in last six months, maximum two months’ arrears in last 12 months, bankruptcy discharged for one year.

Contact: 0800 587 2211

Bristol & West

Product: Three-year fixed rate mortgage

Description: Fixed until 31/7/2005, reverting to BBR + 1%.

Rate: 5.65%

Max LTV: 95%

Redemption penalty: 5% to 31/7/2005.

Procuration fee: 0.3%, minimum £150.

Arrangement fee: £399

Contact: 0117 943 7878

Product: Five-year fixed rate mortgage

Description: Fixed until 31/7/2007, reverting to BBR + 1%.

Rate: 5.79%

Max LTV: 95%

Redemption penalty: 7% to 31/7/2003 then 6% to 31/7/2005.

Procuration fee: 0.3%, minimum £150.

Arrangement fee: £399

Contact: 0117 943 7878

Market Harborough BS

Product: Two-year fixed rate

Description: Fixed for two years from inception of the loan.

Rate: 3.74%

Max LTV: 80%

Redemption penalty: Six months’ interest at SVR on repayment during fixed period and three years after, thereafter one month’s interest or one month’s notice. Partial redemption of less than 10% of outstanding balance acceptable without penalty.

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

Arrangement fee: £295

Other: No compulsory insurance, but £40 taken if client uses own buildings insurance, daily interest, first three months’ buildings and contents insurance free.

Contact: 01858 463 244

Product: Two-year fixed rate, then 1% discount for three years

Description: Fixed for two years from inception of the loan, then 1% discount for exactly three years after fixed rate period expires.

Rate: 4.74%

Max LTV: 80%

Redemption penalty: Six months’ interest at SVR on repayment during first five years, thereafter one month’s interest or one month’s notice. Partial redemption of less than 10% of outstanding balance acceptable without penalty.

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

Arrangement fee: £295

Other: No compulsory insurance but £40 taken if client uses own buildings insurance, daily interest, first three months’ buildings and contents insurance free.

Contact: 01858 463 244

SELF CERT

Bristol & West

Product: Self-cert discount mortgage

Description: 1.9% discount for two years from BBR + 1.75%, reverts to BBR + 1.75%.

Rate: 3.85%

Max LTV: 85%

Redemption penalty: 5% for two years, then 4% for two years.

Procuration fee: 0.5%, minimum £150.

Arrangement fee: £299

Contact: 0117 943 7878

BM Solutions

Product: Self-cert flexible mortgage

Description: 0.5% discount off BBR + 1.75% for two years followed by BBR + 1.75% for remainder of the term.

Rate: 5.25%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.5% minimum £200, maximum £5,000.

Arrangement fee: 1%, minimum £299.

Other: Daily interest, underpayments and payment holidays available after six consecutive payments.

Contact: 0800 587 2211

Product: Self-cert fixed rate mortgage

Description: Fixed until 1/8/2007 followed by BBR + 1 .75%.

Rate: 6.29%

Max LTV: 85%

Redemption penalty: 5% to 1/8/2003, 4% to 1/8/2005, 3% to 1/8/2006, 2% to 1/8/2007.

Procuration fee: 0.5% minimum £200, maximum £5,000.

Arrangement fee: £299

Contact: 0800 587 2211

New two-year self-cert deal from Capital

Capital Home Loans has introduced a new self-certificated mortgage fixed for two years.

Aimed at the self-employed it is available for purchase, remortgage or let to buy. The product does not require accounts and is fixed at 5.99% until 1/6/2004, with an uncapped procuration fee of 0.85%.

Trevor Child, marketing manager, said: ‘This represents one of the best deals available for the self-employed who do not want to let their accounts restrict the size of their mortgage.’

The minimum period of self-employment is one year up to 75% LTV and two years to 90% LTV and remortgages. Redemption penalties on this mortgage are set at 5% for two years, with no tie-in beyond the fixed rate period. The maximum loan to value is 90%. An arrangement fee of £295 is payable.

Contact: 01252 365 834

Tags

There are 0 Comment(s)

You may also be interested in

Read previous post:
Halifax, Northern Rock and Woolwich win at L&G awards

Halifax scooped the title of best overall lender at the Legal & General (L&G) awards, sponsored by M...

Close