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Product round-up

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  • 21/10/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

BUY TO LET

Bristol & West

Product: Five-year fixed rate buy-to-let mortgage

Description: Fixed until 31/12/2007.

Rate: 5.75%

Max LTV: 85%

Redemption penalty: 7% to 31/12/2003, 6% to 31/12/2005, 5% to 31/12/2007.

Procuration fee: Refer to lender.

Arrangement fee: None

Other: Remortgages only, free legal fees.

Contact: 0117 943 7878

Product: Three-year tracker buy-to-let mortgage

Description: BBR + 1.29% until 31/12/2005.

Rate: 5.29%

Max LTV: 85%

Redemption penalty: 5% to 31/12/2004, 4% to 31/12/2005.

Procuration fee: Refer to lender.

Arrangement fee: None

Other: Remortgages only, free legal fees.

Contact: 0117 943 7878

Britannic Money

Product: Two-year fixed rate buy-to-let mortgage

Description: Fixed until 30/9/2005.

Rate: 4.76%

Max LTV: 85%

Redemption penalty: 3% in year one, 2% in year two ‘ upon full redemption.

Procuration fee: 0.5%

Arrangement fee: 1% or minimum of £500.

Other: Overpayments and payment holidays allowed, reverts to Libor + 1.5%.

Contact: 08457 743 743

Product: Three-year fixed rate buy-to-let mortgage

Description: Fixed until 30/5/2006.

Rate: 4.76%

Max LTV: 85%

Redemption penalty: 3% in year one, 2.5% in year two and 2% in year three, upon full redemption.

Procuration fee: 0.5%

Arrangement fee: 1% or minimum of £500.

Other: Overpayments and payment holidays, reverts to three-month Libor + 1.5%.

Contact: 08457 743 743

Pink Home Loans

Product: Buy-to-let fixed rate mortgage

Funded by: Verso

Description: Fixed to 1/10/2012.

Rate: 5.78%

Max LTV: 85%

Redemption penalty: 5% of the amount repaid to 1/10/2007, then 2.5% to 1/10/2012, then one month’s notice or interest.

Procuration fee: 0.25%

Arrangement fee: 1%

Other: No MIG, daily interest.

Contact: www.pink.uk.net

Product: Direct exclusive buy-to-let fee-free remortgage

Funded by: Mortgage Express

Description: 0.26% discount for three years.

Rate: 5.49%

Max LTV: 85%

Redemption penalty: Six months’ interest at underlying variable rate for three years.

Procuration fee: 0.5%

Arrangement fee: None

Other: No valuation fee, free legal fees if Mortgage Express lawyer is used, no MIG, monthly interest.

Contact: www.pink.uk.net

DISCOUNT

Alliance & Leicester

Product: Two-year discount mortgage

Description: 1.5% discount for two years, followed by lifetime base rate tracker.

Rate: Initial rate of 2.55%.

Max LTV: 95%

Redemption penalty: 1.5% in year one, then 3%, 2.4%, 1.8%, 1.2% and 0.6% in years two to six.

Procuration fee: Refer to lender.

Other: No arrangement fee, and £250 cashback.

Contact: 0845 303 3000

Knight Funding

Product: Sub-prime discount mortgage

Funded by: SPML

Description: 2.5% discount to 1/9/2003, then 1.5% discount to 1/6/2004.

Rate: 4.75% to 6.5% depending on level of adverse.

Max LTV: 90%

Redemption penalty: 6% for three years, then 1% or one month’s notice.

Procuration fee: 1%

Arrangement fee: £395

Other: Self-cert available, CCJs, IVAs and bankruptcies allowed under various permutations.

Contact: 01980 625 111

Mortgage Next

Product: Fee-free discount remortgage

Funded by: Royal Bank of Scotland

Description: 1.26% discount until 1/12/2004.

Rate: 4.69%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.25% up to £75,000, 0.4% up to £150,000, 0.5% up to £250,000, minimum £250.

Arrangement fee: None

Other: No valuation fees if using the bank’s nominated valuer or solicitor, daily interest.

Contact: 0845 130 2223

FIXED

Genesis Home Loans

Product: Columbia non-conforming fixed rate

Funded by: GMAC-RFC

Description: Fixed until 1/1/2005, full status.

Rate: 5.99%

Max LTV: 85%

Redemption penalty: 6% during fixed rate period, one month’s interest or notice thereafter.

Procuration fee: Refer to Genesis ‘ appointed packager.

Arrangement fee: £395

Other: No MIG, CCJs to £7,500 in last three years, three missed pay-ments in last 12 months, bank-rupts discharged more than a year.

Contact: 01832 275 044

Product: Discovery non-conforming fixed rate

Funded by: GMAC-RFC

Description: Fixed until 1/1/2005, full status.

Rate: 5.69%

Max LTV: 90%

Redemption penalty: 6% during fixed rate period, one month’s interest or notice thereafter.

Procuration fee: Refer to Genesis ‘ appointed packager.

Arrangement fee: £395

Other: No MIG, CCJs to £3,000 in last three years, two missed payments in last 12 months, unlimited defaults.

Contact: 01832 275 044

Product: Endeavour self-cert non-conforming fixed rate

Funded by: GMAC-RFC

Description: Fixed until 1/1/2005.

Rate: 6.49%

Max LTV: 85%

Redemption penalty: 6% during fixed rate period, then one month’s interest or notice.

Procuration fee: Refer to Genesis ‘ appointed packager.

Arrangement fee: £395

Other: No MIG, CCJs to £7,500 in last three years, three missed payments in last 12 months, bankrupts discharged more than a year.

Contact: 01832 275 044

Product: Atlantis self-cert non-conforming fixed rate

Funded by: GMAC-RFC

Description: Fixed until 1/1/2005, full status.

Rate: 5.89%

Max LTV: 85%

Redemption penalty: 6% during fixed rate period, then one month’s interest or notice.

Procuration fee: Refer to Genesis appointed packager.

Arrangement fee: £395

Other: No MIG, CCJs to £3,000 in last three years, two missed payments in last 12 months, unlimited defaults.

Contact: 01832 275 044

Mortgage 2000

Product: Exclusive fixed rate mortgage

Funded by: Verso

Description: Fixed for three years.

Rate: 4.99%

Max LTV: 95%

Redemption penalty: 5% of outstanding loan for first three years.

Procuration fee: 0.5%, minimum £350.

Arrangement fee: £325

Contact: 0845 345 5700

Pink Home Loans

Product: Exclusive transparent fixed rate mortgage

Funded by: Birmingham MS

Description: Fixed until 1/2/2005.

Rate: 5.74%

Max LTV: 85%

Redemption penalty: 5% of amount repaid to 1/2/2004, 4% until 1/2/2005, nil thereafter.

Procuration fee: 0.5%, minimum £250, maximum £2,500.

Arrangement fee: £299

Other: Reverts to BBR + 1.95% for rest of term.

Contact: www.pink.uk.net

Product: Exclusive fixed rate mortgage

Funded by: Bristol & West

Description: Fixed for five years.

Rate: 4.55%

Max LTV: 95%

Redemption penalty: 7% of the amount repaid for one year, 6% for two years, then 5% for two years, plus £1,000 administration fee.

Procuration fee: 0.3%, minimum £150.

Arrangement fee: £299

Other: Annual interest.

Contact: www.pink.uk.net

Product: Exclusive self-cert

Funded by: Amber Home Loans

Description: Fixed to 31/1/2008.

Rate: 5.79%

Max LTV: 90%

Redemption penalty: 5%, 4%, 3%, 2%, 1% in years one to five respectively, up to 10% repayment yearly without penalty.

Procuration fee: 0.5% maximum £2,500.

Arrangement fee: £395

Other: Daily interest, MIG after 70% LTV.

Contact: www.pink.uk.net

TRACKER

UCB Home Loans

Product: FlexiPlus variable rate tracker mortgage

Description: Self-cert tracker.

Rate: 4.89%

Max LTV: 85%

Redemption penalty: Four months’ interest in year one, three months’ interest in year two.

Procuration fee: Refer to lender.

Arrangement fee: £295

Other: Available on advances of over £200,000, flexible features include drawdown facility.

Contact: 0845 940 1400

Genesis launches new discounted rates

Genesis Home Loans has launched two new three-year discounted rates for its full status Pioneer mortgage product.

The mortgage offers a 2% discount off SVR up to 90% LTV and a 1.75% discount off SVR up to 95% LTV, giving rates of 3.74% and 3.99% respectively. Both discounts apply until 1/1/2006. Income multiples of 3.75 times the first applicant’s income plus the second applicant’s income or three times joint incomes are available up to 75% LTV, and over 75% LTV 3.3 times the first plus the second or 2.75 times joint incomes apply.

Genesis Home Loans’ operations director, Nigel Gardner, said: ‘Pioneer is a full-status, prime product available up to 95% LTV for both purchase and any purpose remortgage. Available for both employed and self-employed applicants, a P60 or accountant’s certificate is usually the only proof of income required. That plus a valuation is sufficient to obtain a mortgage offer in most cases.’

Redemption terms are 5% until 1/1/2004, 4% until 1/1/2005, 3% until 1/1/2006, 2% until 1/1/2007 then 1% until 1/1/008 and no MIG is payable up to 90% LTV. There is an arrangement fee of £395 payable, for procuration fee refer to the packager.

Contact: 01832 275 044

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