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Product round-up

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  • 05/09/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY TO LET

Mercantile Direct

Product: Buy-to-let mortgage

Description: 1% discount to 1/7/2006.

Rate: 4.84%

Max LTV: 75%

Redemption penalty: 30% of amount redeemed, until 01.07.02.

Procuration fee: Registered introducers in North East England only ‘ 0.25%, minimum £150, maximum £250.

Arrangement fee: £295

Contact: 0500 295 500

Pink Home Loans

Product: Exclusive buy-to-let discount tracker

Funded by:Verso

Description: 1.23% discount for three years, tracks BBR + 1.78%.

Rate: 4.55%

Max LTV: 85%

Redemption penalty: 5% of amount repaid for three years, then one month’s notice or one month’s interest.

Procuration fee: 0.25%

Arrangement fee: 1% of advance added to loan.

Other: Daily interest, no MIG.

Contact: www.pink.uk.net

Product: Direct exclusive buy-to-let remortgage

Funded by: Mortgage Express

Description: Fixed to 3/9/2005.

Rate: 5.99%

Max LTV: 85%

Redemption penalty: Six months’ interest at fixed rate until 3/9/2005.

Procuration fee: 0.5% of advance, no maximum.

Arrangement fee: None, but 45-year term is available if interest- only.

Other: Free valuation and free legal fees, overpayment, under-payment and drawdown available.

Contact: www.pink.uk.net

DISCOUNT

Chelsea Building Society

Product: Fee-free discount remortgage

Description: Three-year 1% discount.

Rate: 4.69%

Max LTV: 95%

Redemption penalty: 3% of the amount redeemed for the first three years unless taking out another Chelsea mortgage.

Procuration fee: Existing arran-gements apply ‘ contact society.

Arrangement fee: None

Other: £200 contribution to legal fees.

Contact: 08702 404 808

Genesis Home loans

Product: Aquamarine mortgage

Description: Full status discount of 1.25% until 31/12/2003.

Rate: 6.99%

Max LTV: 95%

Redemption penalty: 5% year one, 4% year two, and 3% in year three, thereafter £95.

Procuration fee: Contact packager.

Arrangement fee: £395

Other: MIG 6% over 75% LTV, maximum two months’ arrears in last 12, none in last six months, any number of CCJs to £3,000, bankruptcy discharged for one year.

Contact: 01832 275 044

Market Harborough BS

Product: Lifetime discount

Description: 1% discount for life of loan.

Rate: 4.74%

Max LTV: 90%

Redemption penalty: One month’s interest or one month’s notice for the life of the loan.

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

Arrangement fee: £295

Other: Three months’ free ASU.

Contact: 01858 463 244

Product: 3-2-1 discount mortgage

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

Rate: 2.74%

Max LTV: 90%

Redemption penalty: Six, five, four, three, two months’ interest in years one to five respectively.

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

Arrangement fee: £295

Other: Three months’ free ASU.

Contact: 01858 463 244

Mortgage Next

Product: Discount mortgage

Funded by: Bristol & West

Description: 1.6% discount for three years.

Rate: 4.35%

Max LTV: 95%

Redemption penalty: 5% of sum repaid until 31/10/2004 4% until 31/10/2005, plus £100 admin fee.

Procuration fee: 0.4% min £200.

Arrangement fee: £249

Other: MIG free, reverts to SVR for term.

Contact: 0845 130 2223

Norwich Union

Product: Discount mortgage

Funded by: NatWest

Description: 2.5% discount until 30/9/2002, followed by a 1.25% discount until 30/9/2005.

Rate: 3.45%

Max LTV: 95%

Redemption penalty: Repay-ment of discount until 30/9/2005.

Procuration fee: 0.45%, minimum £275, maximum £2,000.

Arrangement fee: £195

Contact: 0845 845 1388

Pink Home Loans

Product: Exclusive discount mortgage

Description: 3.44% discount for two years from completion.

Rate: 2.51%

Max LTV: 95%

Redemption penalty: 5% of amount repaid for two years, 4% for two years, 3% for one year, plus £100 administration fee.

Procuration fee: 0.25% minimum £100.

Arrangement fee: £299

Other: Annual interest, MIG trigger 85% LTV, but calculated from 75%.

Contact: www.pink.uk.net

FIXED

Bristol & West

Product: Five-year fixed rate mortgage

Description: Fixed until 30/9/2007.

Rate: 4.89%

Max LTV: 95%

Redemption penalty: 7% until 30/9/2003, 6% until 30/9/2005, 5% until 30/9/2007.

Procuration fee: Negotiable

Arrangement fee: £299

Other: Reverts to BBR + 1%.

Contact: 0117 943 7755

Chelsea Building Society

Product: Fixed rate mortgage

Description: Fixed until 30/11/2004.

Rate: 4.69%

Max LTV: 95%

Redemption penalty: 3% of the amount redeemed until end of fixed rate period unless taking out another Chelsea mortgage.

Procuration fee: Existing arrangements apply ‘ contact society.

Arrangement fee: £245

Contact: 08702 404 808

Product: Fixed rate mortgage

Description: Fixed until 30/11/2004.

Rate: 3.99%

Max LTV: 95%

Redemption penalty: 3% of the amount redeemed until 30/11/2005 unless taking out another Chelsea mortgage.

Procuration fee: Existing arran-gements apply ‘ contact society.

Arrangement fee: £245

Contact: 08702 404 808

Market Harborough BS

Product: Fixed rate mortgage

Description: Choice of rates fixed for two years.

Rate: 3.2%, 4.49%, 4.99%, 5.74% with three, two, one and no extended penalty period respectively.

Max LTV: 90%

Redemption penalty: Six months in years three, two, one and fixed rate period only dependent on rate chosen.

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

Arrangement fee: £295

Other: Three months’ free ASU.

Contact: 01858 463 244

Product: Fixed rate/discount mortgage

Description: Fixed for two years then a 1% discount for three years.

Rate: 4.74%

Max LTV: 80%

Redemption penalty: Six months’ interest during first five years, then one month’s notice or interest, 10% redemptions allowed a year 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: Three months’ free ASU.

Contact: 01858 463 244

SELF CERT

Genesis Home loans

Product: Turquoise mortgage

Description: Self-cert discount of 1.25% until 31/12/2003.

Rate: 7.49%

Max LTV: 90%

Redemption penalty: 5% year one, 4% year two, and 3% in year three, thereafter £95.

Procuration fee: Contact packager.

Arrangement fee: £395

Other: MIG 6% over 75% LTV, Max two months’ arrears in last 12, none in last six months, any no of CCJs to £3,000, bankrupt discharged one year.

Contact: 01832 275 044

The Mortgage Operation

Product: Self-cert discount mortgage

Description: 1.09% discount for two years.

Rate: 4.89%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.5% minimum £350.

Arrangement fee: Standard TMO submission fee scale.

Other: Daily interest, purchase or remortgage, MIG from 70%.

Contact: 0845 130 3888

Product: Self-cert discount cashback mortgage

Description: 0.76% discount for two years.

Rate: 4.99%

Max LTV: 85%

Redemption penalty: 5% of amount redeemed in year one, 4% in year two.

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

Arrangement fee: Standard TMO submission fee scale, £299 completion fee.

Other: £450 cashback paid on completion plus £550 cashback, provided the case completes before 31/12/2002.

Contact: 0845 130 3888

Pink Home Loans

Product: Flexible self-cert discount mortgage

Description: 2.65% discount for six months.

Rate: 2.73%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.45%

Arrangement fee: £325

Other: MIG at 70%, drawdown, overpayment, underpayment, payment holidays allowed.

Contact: www.pink.uk.net

Buildstore and Skipton team up

Self-build specialist BuildStore has expanded its panel of lenders on its BuildLoan self-build mortgage lending panel to include Skipton Building Society.

It is offering a exclusive flexible two-year stepped discount mortgage. The first year has a 1.3% discount, with a rate of 4.4%, followed by a 0.3% discount in years two to four and a 0.5% discount from year five onwards, due to Skipton’s loyalty scheme.

Up to 95% of land and building costs may be borrowed and this product has a final LTV ratio of 95%. For LTVs of less than 75% income multiples of 4x single and 4x + 1 or 3.25x joint are available.

Raymond Connor, managing director of BuildStore, said: ‘We are delighted a lender of Skipton’s calibre has become a lending partner. With the growth we are seeing in self-build, we believe this market holds huge potential for advisers ‘ giving self-build the potential to become the next buy-to-let.’

The product has a redemption penalty of 2% for the first three years and carries a £195 arrangement fee. For procuration fees contact BuildLoan.

Contact: 0870 870 9499

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