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Product round-up

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  • 12/09/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY TO LET

Exclusive Connections

Product: Buy-to-let discount mortgage

Description: 0.76% discount for three years.

Rate: 4.99%

Max LTV: 85%

Redemption penalty: Six months’ interest at SVR for three years.

Procuration fee: Negotiable

Arrangement fee: £399

Other: Overpayments/under-payments/payment holidays available, full status only, purchase and remortgage, 130% gross rent to cover mortgage.

Contact: 0800 587 7272

Product: Semi-exclusive buy-to-let mortgage

Description: 6% cashback, BBR + 1.89% for life of loan.

Rate: 5.89%

Max LTV: 75%

Redemption penalty: 6%, 5%, 4%, 3%, 2% in years one to five.

Procuration fee: Negotiable

Arrangement fee: £299

Other: No MIG.

Contact: 0800 587 7272

Pink Home Loans

Product: Buy-to-let discount mortgage

Description: 1.76% discount for two years.

Rate: 3.99%

Max LTV: 85%

Redemption penalty: Six months’ interest at the SVR for four years.

Procuration fee: 0.5%, no max.

Arrangement fee: £399

Other: Unlimited properties up to £2m.

Contact: www.pink.uk.net

DISCOUNT

Bristol & West

Product: Five-year discount capped rate mortgage

Description: 1.06% discount off SVR to 30/9/2007, capped at 5.85% to 30/9/2007.

Rate: 4.89%

Max LTV: 95%

Redemption penalty: 5% to 30/9/2004, 4% to 30/9/2006, 3% to 30/9/2007.

Procuration fee: Negotiable

Arrangement fee: £299

Contact: 0117 943 7755

Product: Three-year discount mortgage

Description: BBR + 0.59% to 30/9/2005 (reverts to BBR + 1%).

Rate: 4.59%

Max LTV: 95%

Redemption penalty: 5% to 30/9/2004, 4% to 30/9/2005.

Procuration fee: Negotiable

Arrangement fee: None

Other: No valuation fee, £300 cashback, 4x income multiples.

Contact: 0117 943 7755

Norwich Union

Product: Discount mortgage

Description: 1.2% discount for three years.

Rate: 4.49%

Max LTV: 95%

Redemption penalty: Six months’ interest for first three years.

Arrangement fee: None

Other: Free valuation, £250 cashback for purchases, £250 on remortgages on leaseholds, free legal fees on freehold remortgages to 90% LTV, no MIG to 90%.

Contact: 0845 845 1388

Pink Home Loans

Product: Discount mortgage

Description: 1.66% discount to 31/10/2004.

Rate: 4.29%

Max LTV: 95%

Redemption penalty: 5% of the sum repaid until 31/10/2004 plus a £100 administration fee.

Procuration fee: 0.4%

Arrangement fee: None

Other: Free valuation and £300 cashback, annual interest.

Contact: www.pink.uk.net

Product: Flexible discount tracker

Description: 0.86% discount for six months from completion, then tracks BBR + 0.85%.

Rate: 3.99%

Max LTV: 90%

Redemption penalty: None

Procuration fee: 0.3%, minimum £200, and maximum £3,000.

Arrangement fee: £299

Other: Daily interest, over/under-payments, payment holidays and drawdown available. Available to expatriates.

Contact: www.pink.uk.net

FIXED

Derbyshire BS

Product: Three-year fixed rate mortgage

Description: Fixed until 31/10/2005.

Rate: 4.89% to 80% LTV, 5.29% to 90% LTV, 5.59% to 95% LTV.

Max LTV: 95%

Redemption penalty: 3% to 31/10/2003, 2% to 31/10/2004, 1% to 31/10/2005.

Procuration fee: 0.3% through a network or club (minimum £175, maximum £750), 0.2% for solo broker (minimum £100, maximum £500).

Arrangement fee: £245 for qualifying BS members, £295 for other applicants.

Other: No MIG, daily interest.

Contact: 0845 607 5050

Product: Five-year fixed rate mortgage

Description: Fixed until 31/10/2007.

Rate: 5.09% to 80% LTV, 5.49% to 90% LTV, and 5.79% to 95% LTV.

Max LTV: 95%

Redemption penalty: 4% to 31/10/2004, 3% to 31/10/2005, 2% to 31/10/2006, 1% to 31/10/2007.

Procuration fee: 0.3% through a network or club (minimum £175, maximum £750), 0.2% for solo brokers (minimum £100, maximum £500).

Arrangement fee: £245 for qualifying BS members, £295 for other applicants.

Other: No MIG, daily interest.

Contact: 0845 607 5050

Exclusive Connections

Product: Semi-exclusive sub-prime cashback mortgage

Description: Fixed until 1/10/2005.

Rate: 6.25%

Max LTV: 90%

Redemption penalty: 5% to 1/10/2003, 4% to 1/10/2004, 3% to 1/10/2005.

Procuration fee: Negotiable

Arrangement fee: £299

Other: 1% cashback, CCJs to £5,000 ‘ none in the last six months, two months arrears in the last 12 months, bankrupts discharged one year, daily interest, no MIG.

Contact: 0800 587 7272

Pink Home Loans

Product: Fixed rate mortgage with cashback

Description: Fixed until 1/10/2007.

Rate: 5.39%

Max LTV: 90%

Redemption penalty: 6% to 1/10/2003, 5% to 1/10/2004, 4% to 1/10/2005, 3% to 1/10/2006 and 2% to 1/10/2007.

Procuration fee: 0.25%, minimum £200, maximum £2,500.

Arrangement fee: £299

Other: 6% cashback.

Contact: www.pink.uk.net

Skipton Building Society

Product: Two-year fixed rate mortgage

Description: Fixed until 30/11/2004.

Rate: 3.99%

Max LTV: 95%

Redemption penalty: 5% to 30/11/2004, 4% to 30/11/2005, 3% to 30/11/2006 and 2% to 30/11/2007, up to 10% capital repayment allowed a year without charge.

Procuration fee: Negotiable

Arrangement fee: £350 completion fee.

Other: 0.3% discount in years three and four, 0.5% discount from year five onwards. Free legal fees for remortgages.

Contact: 0800 446776

SELF CERT

Exclusive Connections

Product: Semi-exclusive self-cert sub-prime mortgage

Description: Fixed until 1/10/2005.

Rate: 6.49%

Max LTV: 85%

Redemption penalty: 5% to 1/10/2003, 4% to 1/10/2004, 3% to 1/10/2005.

Procuration fee: Negotiable

Arrangement fee: £299

Other: CCJs to £7,500, three months arrears in the last 12 months, bankrupts discharged, daily interest, no MIG.

Contact: 0800 587 7272

Bristol & West

Product: Five-year fixed rate self-cert mortgage

Description: Fixed until 30/9/2007.

Rate: 5.59%

Max LTV: 85%

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

Procuration fee: Negotiable

Arrangement fee: £299

Other: MIG for loans over 75% LTV, reverts to BBR + 1.75%.

Contact: 0117 943 7755

Genesis Home Loans

Product: Garnet mortgage

Description: Self-cert 1.25% discount to 31/12/2003, reverts to SVR + 3%.

Rate: 7.49%

Max LTV: 85%

Redemption penalty: 5%, 4%, 3% in first three years, then £95.

Procuration fee: Refer to packager

Arrangement fee: £395

Other: Maximum six months’ arrears in last 12 months, any number of CCJs to £10,000 bankruptcy discharged. No bank statements required.

Contact: 01832 275 044

Mortgage Next

Product: Self-cert fee free discount remortgage

Description: 1.01% discount for two years.

Rate: 4.99%

Max LTV: 90%

Redemption penalty: Six months at SVR for three years.

Procuration fee: 0.6%

Arrangement fee: None

Other: Free valuation, free legals if Mortgage Express-appointed solicitor is chosen.

Contact: 0845 130 2223

SUb PRIME

Exclusive Connections

Product: Semi-exclusive sub-prime mortgage

Description: 6% cashback, BBR + 2.75% for life of loan.

Rate: 6.75%

Max LTV: 75%

Redemption penalty: 6%, 5%, 4%, 3%, 2% in years one to five respectively.

Procuration fee: Negotiable

Arrangement fee: £299

Other: Bankruptcy discharged, unlimited arrears, unlimited CCJs.

Contact: 0800 587 7272

New five-year fixed rate deals from B&W

Bristol & West Mortgages (B&W) has launched two buy-to-let five-year fixed rate deals and has reduced its nominal rate (assumed interest rate) by 1.25% to 6.50%.

All minimum rental yields will be calculated on this rate, except for five-year fixed products, which use the actual rate.

The two new deals are 5.45% fixed until 30/09/2007, £299 booking fee and up to 85% LTV, or 5.55% fixed until 30/9/2007, a £299 arrangement fee and up to 85% LTV.

Neena Kithoray, senior product manager at B&W Mortgages, said: ‘We have listened to customers’ concerns regarding the buy-to-let market and have responded by reducing our nominal rate, so that customers benefit in terms of yield calculations, enabling them to borrow more for their investment.’

She added: ‘By launching two low rate fixed mortgages, customers not only pay a smaller monthly payment, but also benefit from the security a fixed rate mortgage brings in a time of interest rate uncertainty.’

In both cases the early redemption charges are 7% until 30/09/2003, 6% until 30/9/2005, 5% until 30/9/2007. The procuration fee is negotiable.

Contact: 0117 943 7755 or visit

www.bristolandwest4brokers.co.uk

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