BUY-TO-LET
Coventry Building Society
Product: Buy-to-let discount mortgage
Description: 1.2% discount to 31/1/2005.
Rate: 4.79%
Max LTV: 85%
Redemption penalty: Six months’ interest to 31/1/2005.
Procuration fee: Negotiable
Arrangement fee: £399
Other: £50 administration fee, discounted legal fees.
Contact: 0845 766 5522
Product: Buy-to-let fixed rate mortgage
Description: Fixed to 31/8/2007.
Rate: 5.95%
Max LTV: 85%
Redemption penalty: Six months’ interest to 31/8/2007.
Procuration fee: Negotiable
Arrangement fee: £325
Other: Discounted legal fees.
Contact: 0845 766 5522
Mortgage 2000
Product: Buy-to-let tracker mortgage with a discount
Funded by: Bristol & West
Description: Three-year discount.
Rate: 5% with £399 arrangement fee, 4.89% with £299 arrangement fee.
Max LTV: 85%
Redemption penalty: 5% of outstanding loan plus £100 in first two years, 4% of outstanding loan plus £100 the next year.
Procuration fee: 0.4% or minimum £150.
Arrangement fee: £399 or £299.
Other: No compulsory insurance, requires 125% rental income.
Contact: 0845 345 5700
Product: Buy-to-let tracker mortgage with a discount
Funded by: Bristol & West
Description: Four-year discount.
Rate: 4.67%
Max LTV: 85%
Redemption penalty: 5% of outstanding loan plus £100 in first two years, 4% of outstanding loan plus £100 the next year, 3% of outstanding loan plus £100 the following year.
Procuration fee: 0.4% minimum £150.
Arrangement fee: £399
Other: No compulsory insurance, requires 125% rental income.
Contact: 0845 345 5700
Pink Home Loans
Product: Exclusive buy-to-let discounted tracker
Funded by: Derbyshire BS
Description: 0.95% discount from BBR + 1.75% for four years.
Rate: 4.80%
Max LTV: 80% for remortgages, 75% for purchase in new property, or 80% for repair/ improvement to existing property.
Redemption penalty: 2% of amount repaid for four years.
Procuration fee: 0.35%, minimum £150, maximum £500.
Arrangement fee: £475
Other: Daily interest, free valuation, applicants must be owner-occupiers.
Contact: www.pink.uk.net
CAPPED
Skipton Building Society
Product: Flexible five-year capped rate mortgage
Description: Capped at 6.5% until 30/9/2007, two-year discount off SVR (5.7%).
Rate: 4.7% with insurance, 4.85% without.
Max LTV: 85%
Redemption penalty: 5% in year one, 4% in year two, 3% in year three, 2% in year four and 1% in year five, 10% capital repayment allowed annually without charge.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Daily interest, payment holidays and overpayments.
Contact: 0800 446 776
Product: Flexible five-year capped rate mortgage.
Description: Capped at 6.65% until 30/9/2007, two-year discount off SVR (5.7%).
Rate: 4.85% with insurance, 5% without.
Max LTV: 95%
Redemption penalty: 5% in year one, 4% in year two, 3% in year three, 2% in year four and 1% in year five, 10% capital repayment allowed annually without charge.
Procuration fee: Negotiable
Arrangement fee: £295
Other: Daily interest, payment holidays and overpayments, MIG trigger at 90%.
Contact: 0800 446 776
DISCOUNT
First National Mortgage Company
Product: Remortgage cash-back discount mortgage
Description: 1.99% discount until November 2004.
Rate: 6%
Max LTV: 85%
Redemption penalty: 4%/3%/ 2%/1% in years one to four, then one month’s notice or one month’s interest.
Procuration fee: 0.75%
Arrangement fee: £495
Other: 5% of amount borrowed returned as cashback, SVR, currently 5.74%, is applied after two years if two years’ good repayment regardless of borrower’s lending history. No CCJs, defaults, arrears in the 12 months before application.
Contact: 020 8909 8090
Product: Remortgage cash-back self-cert discount mortgage
Description: 1% discount until November 2004.
Rate: 6.99%
Max LTV: 85%
Redemption penalty: 4%/3%/ 2%/1% in years one to four respectively, thereafter one month’s notice or one month’s interest.
Procuration fee: 0.75%
Arrangement fee: £495
Other: 5% of amount borrowed returned as cashback, SVR, currently 5.74%, is applied after two years if two years’ good repayment regardless of borrower’s lending history. No CCJs, defaults, arrears in the 12 months before application.
Contact: 020 8909 8090
Pink Home Loans
Product: Exclusive ‘Clean Slate’ discount mortgage
Funded by: Mortgage Express
Description: 1.26% discount from BBR + 2.25% for a year.
Rate: 4.99%
Max LTV: 90%
Redemption penalty: Six months’ interest at the underlying variable rate until for three years.
Procuration fee: 1% for cases received after 15/7/2002.
Arrangement fee: £399
Other: Unlimited CCJs to £10,000 none in last 12 months, unlimited defaults.
Contact: www.pink.uk.net
Product: Exclusive ‘Clean Slate’ discount mortgage
Funded by: Mortgage Express
Description: 0.5% discount from BBR + 2.25% for the term of the mortgage.
Rate: 5.75%
Max LTV: 90%
Redemption penalty: Six months’ interest at the underlying variable rate for three years.
Procuration fee: 1% for cases received after 15/7/2002.
Arrangement fee: £399
Other: Unlimited CCJs to £10,000, unlimited defaults and bankrupts one year discharged. No CCJs in the last 12 months.
Contact: www.pink.uk.net
Product: Express status discount
Funded by: GMAC
Description: 1.9% discount to 1/9/2004.
Rate: 3.84%
Max LTV: 95%
Redemption penalty: 5% of the amount repaid until 1/9/2004.
Procuration fee: 0.35%
Arrangement fee: £395
Other: MIG triggered at 90% LTV, one CCJ of less than £300 or one months’ arrears in the last 12 months considered, providing either are satisfied at application.
Contact: www.pink.uk.net
FIXED
First National Mortgage Company
Product: Remortgage cash-back fixed rate mortgage
Description: Fixed until November 2004.
Rate: 6.24%
Max LTV: 85%
Redemption penalty: 4%/3%/ 2%/1% in years one to four respectively, then one month’s notice or one month’s interest.
Procuration fee: 0.75%
Arrangement fee: £495
Other: 5% of amount borrowed returned as cashback, SVR, currently 5.74%, is applied after two years if two years’ good repayment regardless of borrower’s lending history. No CCJs, defaults, arrears in the 12 months before application.
Contact: 020 8909 8090
Product: Remortgage cash-back self-cert fixed rate mortgage
Description: Fixed until November 2004.
Rate: 6.49%
Max LTV: 85%
Redemption penalty: 4%/3% /2%/1% in years one to four respectively, then one month’s notice or one month’s interest.
Procuration fee: 0.75%
Arrangement fee: £495
Other: 5% of amount borrowed returned as cashback, SVR, currently 5.74%, is applied after two years if two years’ good repayment regardless of borrower’s lending history. No CCJs, defaults, arrears in the 12 months before application.
Contact: 020 8909 8090
Pink Home Loans
Product: Exclusive ‘Clean Slate’ fixed rate mortgage
Funded by: Mortgage Express
Description: Fixed until 3/9/2004.
Rate: 6.99%
Max LTV: 90%
Redemption penalty: Six months’ interest at the underlying variable rate until 3/9/2004.
Procuration fee: 1% for cases received after 15/7/2002.
Arrangement fee: £399
Other: Unlimited CCJs to £10,000, unlimited defaults and bankrupts one year discharged. No CCJs in the last 12 months.
Contact: www.pink.uk.net
Yorkshire Building Society
Product: Two-year fixed rate
Description: Fixed until 31/10/2004.
Rate: 4.69%
Max LTV: 75%
Redemption penalty: 3% in years one and two.
Arrangement fee: £325
Other: Free ASU cover for six months, fully flexible, daily interest, under/overpayments allowed without penalty.
Contact: 0845 1200 899
Product: Five-year fixed rate
Description: Fixed for five years from completion date.
Rate: 5.39%
Max LTV: 75%
Redemption penalty: 5%/5%/ 5%/4%/3% in years one to five.
Arrangement fee: £325
Other: Free ASU cover for six months, fully flexible, daily interest, under/overpayments allowed without penalty.
Contact: 0845 1200 899
B&W targets first-time buyers market
Bristol & West has launched a two-year discount mortgage. The product carries an initial rate of 3.79%, with a 2.16% discount of SVR until 30/9/2004.
The mortgage is aimed at the first-time buyer market, which the lender believes is finding the market increasingly difficult. This view is backed by Council of Mortgage Lenders research that first-time buyers have fallen by 10% in the last year and make up just 33% of the market. The product is available at up to 95% LTV.
Neena Kithoray, Bristol & West Mortgages’ senior product manager, said: ‘Bristol & West Mortgages recognises how difficult it is for many people to enter the housing market ‘ especially first-time buyers. As a responsible lender we needed to do all we could to help these people get onto the ladder. We believe this mortgage will not only help first-time buyers, but also people moving house or looking for a good remortgage product.’
The procuration fee is negotiable on this mortgage, and carries an arrangement fee of £299 and early redemption charges of 5% until 30/9/2004.
Contact: 0117 943 7755
