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Product round-up

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  • 18/11/2002
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

Buy to let

Abbey National

Product: Discount mortgage

Description: 1.05% or 1.15% discount until 31/10/2004 or 31/10/2005 respectively.

Rate: 4.89% (two-year), 4.79% (three-year).

Max LTV: 70%

Redemption penalty: 88p or 96p x 1,000s x number of months on discount. With one-year overhang.

Procuration fee: Refer to lender.

Arrangement fee: £350

Other: Free valuation up to £345, and £250 legal fees.

Contact: www.introducers.

abbeynational.co.uk

Genesis Home Loans

Product: Prospector mortgage

Funded by: GMAC-RFC

Description: Three-year fixed rate.

Rate: 4.99% (to 75% LTV), or 5.39% (to 85% LTV).

Max LTV: 85%

Redemption penalty: 3% during the fixed rate period.

Procuration fee: 0.4%

Arrangement fee: £395

Other: Unlimited properties, including ex-local authority properties.

Contact: 01832 275 044

Mortgage 2000

Product: Tracker mortgage

Funded by: Birmingham Midshire Solutions

Description: Base rate plus 1.75% for term.

Rate: Initial rate of 5.15%

Max LTV: 85%

Redemption penalty: 3% of outstanding loan for the first two years.

Procuration fee: 0.5%

Arrangement fee: £299

Other: £70 booking fee.

Contact: 01244 665 700

Pink Home Loans

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

Funded by: Mortgage Express

Description: 0.36% discount for three years.

Rate: 5.39%

Max LTV: 85%

Redemption penalty: None

Procuration fee: 0.5% of advance.

Arrangement fee: £339

Other: Interest calculated monthly, unlimited properties.

Contact: www.pink.uk.net

Capped

Cheshire Building Society

Product: Three-year capped discount mortgage

Description: Capped at 5.2% until 30/11/2005.

Rate: 4.15% (to 80% LTV) or 4.35% (to 95% LTV).

Max LTV: 95%

Redemption penalty: Repay-ment of the discount during the initial period.

Procuration fee: Refer to lender.

Arrangement fee: £275

Other: Free ASU for six months.

Contact: www.thecheshire.co.uk/

intermediaries

Discount

Cheshire Building Society

Product: Three-year stepped discount mortgage

Description: 2.5% in year one and 0.85% in years two and three.

Rate: Initial rate of 3.15%

Max LTV: 95%

Redemption penalty: Repay-ment of the discount during the initial period.

Procuration fee: Refer to lender.

Arrangement fee: None

Other: Free ASU for six months.

Contact:www.thecheshire.co.uk/

intermediaries

Pink Home Loans

Product: Fixed rate mortgages

Funded by: Mortgage Express

Description: One, three and five-year fixed rate mortgages.

Rate: 1.99% until 3/12/2003, or 5.24% until 3/12/2005, or 5.45% until 3/12/2007 respectively,

Max LTV: 85%

Redemption penalty: Six months’ interest at underlying variable rate until 3/12/2005, or six months’ interest at fixed rate until 3/12/2005, or six months’ interest at fixed rate until 3/12/2007.

Procuration fee: 0.5% of advance.

Arrangement fee: £399

Other: Interest calculated monthly, unlimited properties.

Contact: www.pink.uk.net

Product: Fees-free discount mortgage

Funded by: Bristol & West

Description: 1.6% discount to 31/12/2004.

Rate: 4.35%

Max LTV: 95%

Redemption penalty: 5% of the sum repaid until 31/12/2004, plus redemption administration fee (currently £100) and deeds release fee (currently £50).

Procuration fee: 0.65%

Arrangement fee: None

Other: Free valuation, £300 cashback, annual interest. MIG from 85% LTV.

Contact: www.pink.uk.net

Skipton Building Society

Product: Four-year stepped discount

Description: 1.85% discount in year one, 0.85% in year two, 0.5% in years three and four.

Rate: Initial pay rate of 3.85%.

Max LTV: 95%

Redemption penalty: 4% in year one, 3% in year two, 2% in year three, and 1% in year four.

Procuration fee: By negotiation.

Arrangement fee: None

Other: 0.5% discount off variable rate from year five onwards; daily interest, overpayments and payment holidays allowed.

Contact: 08457 171 777

Staffordshire Building Society

Product: Three-year stepped discount mortgage

Description: 2% off SVR in year one, 1% in year two and 0.75% in year three.

Rate: Initial rate of 3.74%.

Max LTV: 90%

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

Procuration fee: Refer to lender.

Arrangement fee: None

Other: Free legals or £350 cashback. Six months’ free mortgage protection insurance.

Contact: 0800 216 121

Fixed

Chelsea Building Society

Product: Five-year fixed rate mortgage

Description: Fixed until 1/3/2008.

Rate: 5.19%

Max LTV: 95%

Redemption penalty: 3% of sum repaid until 1/3/2008.

Procuration fee:

Arrangement fee: £395

Other: Free MIG to 90%, administration fee of £245.

Contact: 08702 404 808

Mortgage 2000

Product: Three-year fixed rate mortgage

Funded by: First National

Description: Stepped fixed rate.

Rate: 5.99% in year one, then 7.5% for two years.

Max LTV: 95%

Redemption penalty: Six months’ gross interest in first three years.

Procuration fee: 1%

Arrangement fee: £295

Other: Three unsatisfied CCJs up to £3,000.

Contact: 01244 665 700

Product: One-year fixed rate mortgage

Funded by: Platform Home Loans

Description: Fixed until 1/10/2003.

Rate: 4.99%-5.99% (depending on LTV).

Max LTV: 90%

Redemption penalty: 6% of outstanding loan in first two years.

Procuration fee: 1% (minimum £500, maximum £7,500).

Arrangement fee: £395

Contact: 01244 665 700

Pink Home Loans

Product: Adverse credit three-year fixed rate mortgage Funded by: Birmingham MS

Description: Fixed until 2/1/2005.

Rate: 5.75%-6.29% depending on level of adverse.

Max LTV: 90%

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

Procuration fee: 1%

Arrangement fee: £299

Other: Daily interest, rate depends on level of mortgage arrears and whether the deal is on a full status or self-cert basis.

Contact: www.pink.uk.net

Self-certification

Genesis Home Loans

Product: Pathfinder mortgage

Funded by: GMAC-RFC

Description: Three-year fixed rate.

Rate: 4.99% (to 75% LTV), or 5.39% (to 85% LTV).

Max LTV: 85%

Redemption penalty: 5% to 1/1/2005

Procuration fee: 0.5%

Arrangement fee: £395

Other: Unlimited properties, including ex-local authority properties.

Contact: 01832 275 044

Tracker

Mortgage Next

Product: Base rate tracker mortgage

Funded by: Halifax

Description: Three-year base rate tracker.

Rate: 4.4%-4.65%.

Max LTV: 97%

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

Procuration fee: 0.25%

Arrangement fee: None

Other: Refund of valuation fee (£435) for first-time buyers and remortgagors. £250 cashback for first-time buyers.

Contact: 0845 130 2223

Variable

Mortgage 2000

Product: Variable rate mortgage Funded by: Birmingham MS

Description: One-year variable rate.

Rate: Current rate of 5.55%

Max LTV: 85%

Redemption penalty: 5% of outstanding loan in year one, 4% in year two and 3% in year three.

Procuration fee: 0.5%

Arrangement fee: £299

Other: £400 cashback, any unsatisfied CCJs up to £7,500.

Contact: 01244 665 700

Skipton offers new buy-to-let option

Skipton Building Society has launched a new mortgage for borrowers wanting to invest in the property market. The residential buy-to-let mortgage has a 1.3% discount in year one, offering an initial rate of 4.4%.

In year two this reverts to a 0.5% discount off the lender’s variable rate, and then reverts to the variable rate in year three.

It is available up to 80% LTV and has a number of flexible features, including daily calculation of interest, overpayments and payment holidays.

There is a £250 arrangement fee and a redemption penalty of 2% of the balance of the mortgage applies for the first two years, although up to 10% of the capital can be repaid each year without charge, each year.

Jennifer Holloway, head of corporate communications at Skipton Building Society, said: ‘Stock market performance has led to people taking the safe option and putting their money into more traditional savings accounts. However, those wanting a slightly higher return, with a degree of increased risk, are still considering buy-to-let as a potentially profitable form of investment.

‘This mortgage has been designed specifically to help those investing in property for the first time to ease onto the buy-to-let ladder, with an attractive discount in the first 12 months.’

Contact: 08457 171 777

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