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Product round-up

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  • 29/07/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

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

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