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
