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Product round-up

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  • 07/04/2003
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Each fortnight we bring you the key features of recently launched or relaunched mortgage products

Genesis Home Loans

Product: Prospector buy-to-let mortgage

Funded by: GMAC RFC

Description: Fixed until 1/6/2005.

Rate: 4.65% (to 75% LTV), or 4.95% (to 85% LTV).

Max LTV: 85%

Redemption penalty: 3% during fixed rate period.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: No MIG.

Contact: 0870 242 1213

High Street Home Loans

Product: Buy-to-let tracker

Description: Tracks BBR + 0.74% to 75% LTV, or BBR + 1.14% to 85% LTV.

Rate: 4.49% or 4.89%.

Max LTV: 85%

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

Procuration fee: 0.5%

Arrangement fee: £395

Other: Unlimited properties to £2m, CCJs to £300 considered if satisfied, one month’s arrears in last 12 considered.

Contact: 0191 260 4500

Pink Home Loans

Product: Buy-to-let discount mortgage

Funded by: Mortgage Express

Description: 0.51% discount for two years.

Rate: 4.99%

Max LTV: 85%

Redemption penalty: Six months’ interest at BBR + 1.75% for three years.

Procuration fee: 0.5%, no maximum.

Arrangement fee: £399

Other: Monthly interest, unlimited number of properties.

Contact: www.pink.uk.net

Product: Buy-to-let fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 3/6/2006.

Rate: 5.35%

Max LTV: 85%

Redemption penalty: Six months’ interest at the fixed rate until 3/6/2006.

Procuration fee: 0.5%, no maximum.

Arrangement fee: £399

Other: Reverts to underlying rate BBR + 1.75%.

Contact: www.pink.uk.net

Product: Buy-to-let BBR tracker mortgage

Funded by: BM Solutions

Description: Tracks BBR + 1.39% for five years.

Rate: 5.14%

Max LTV: 85%

Redemption penalty: None

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

Arrangement fee: £325

Other: Reverts to underlying rate BBR + 1.95%.

Contact: www.pink.uk.net

Product: Buy-to-let discount mortgage

Funded by: Bristol & West

Description: 1% discount until 31/3/2005, then 0.65% discount until 31/3/2006.

Rate: 4.5%

Max LTV: 85%

Redemption penalty: 5% until 31/3/2005, 4% until 1/3/2006, plus redemption and deeds fee of £150.

Procuration fee: 0.3%, minimum £100.

Arrangement fee: £299

Other: Reverts to underlying rate BBR + 1.75%.

Contact: www.pink.uk.net

Coventry BS

Product: Capped base rate tracker mortgage

Description: BBR + 1.24% tracker capped until 31/12/2005.

Rate: 3.99%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Negotiable.

Arrangement fee: £295, £195 if through www.remortgages.co.uk

Other: Minimum rate 2.99%, free remortgage transfer service, free valuation.

Contact: 0845 766 5522

BuildLoan

Product: Discount self-build mortgage

Funded by: Skipton Building Society

Description: 1.25% discount in the first two years followed by 0.75% discount to term.

Rate: 4.5%

Max LTV: 95% of cost of land and 95% of cost of build.

Redemption penalty: 2% for three years.

Procuration fee: Refer to distributor.

Arrangement fee: None

Other: Stage payments released in advance, 10% redemption allowed without penalty.

Contact: 0870 870 9499

Coventry BS

Product: Flexx discount mortgage

Description: 2% discount until 30/9/2005, then 0.6% discount until 30/9/2008.

Rate: 3.65%

Max LTV: 95%

Redemption penalty: None

Procuration fee: Negotiable

Arrangement fee: £295, £195 if through www.remortgages.co.uk

Other: Free remortgage transfer service, free valuation.

Contact: 0845 766 5522

Mortgage 2000

Product: Exclusive 1 stepped discount

Funded by: SPML

Description: 1.5% discount until 1/6/2003 then 0.75% discount for a further year.

Rate: 5.2%

Max LTV: 80%

Redemption penalty: 7% of outstanding loan for first three years.

Procuration fee: 1.25%

Arrangement fee: £495

Other: CCJs to £10,000 or four months’ arrears in last 12 months (none in the last six) considered, reverts to Libor + 3.25%.

Contact: 0845 345 5700

Coventry BS

Product: Fixed rate mortgage

Description: Fixed to 31/12/2008.

Rate: 4.45%

Max LTV: 95%

Redemption penalty: Six months’ interest to 30/9/2005.

Procuration fee: Negotiable.

Arrangement fee: £295

Other: Free remortgage transfer service, free valuation. Repayment of up to 5% pa allowed without penalty.

Contact: 0845 766 5522

Genesis Home Loans

Product: Columbia fixed rate mortgage

Funded by: GMAC RFC

Description: Fixed until 1/6/2005.

Rate: 5.55%

Max LTV: 85%

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

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: No MIG, maximum £7,500 in CCJs in last three years, three missed payments in the last 12 months.

Contact: 0870 242 1213

Pink Home Loans

Product: 100% fixed rate mortgage

Funded by: Mortgage Express

Description: Fixed until 3/6/2005.

Rate: 4.65%

Max LTV: 105%

Redemption penalty: Six months’ interest at the fixed rate until 3/6/2006.

Procuration fee: 0.3%.

Arrangement fee: £325

Other: Underlying rate BBR + 2%, up to one CCJ, satisfied over a year considered.

Contact: www.pink.uk.net

Genesis Home Loans

Product: Atlantis self-cert fixed rate mortgage

Funded by: GMAC RFC

Description: Fixed until 1/6/2005.

Rate: 5.75%

Max LTV: 85%

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

Procuration fee: Refer to packager.

Arrangement fee: £395

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

Contact: 0870 242 1213

Product: Pathfinder self-cert fixed rate mortgage

Funded by: GMAC RFC

Description: Fixed until 1/6/2005.

Rate: 4.65% (to 75% LTV), or 4.95% (to 85% LTV).

Max LTV: 90%

Redemption penalty: 5% to 1/6/2005.

Procuration fee: Refer to packager.

Arrangement fee: £395

Other: One CCJ to £300 considered if satisfied, maximum one month’s arrears in last 12, first-time buyers limited to 75% LTV, above 85% LTV fixed rates do not apply (SVR 5.65%).

Contact: 0870 242 1213

High Street Home Loans

Product: Self-cert discount mortgage

Description: 1.75% discount for the first year.

Rate: 4.25%

Max LTV: 85%

Redemption penalty: 3% of outstanding loan in year one, 2% in year two and 1% in year three.

Procuration fee: 0.75%

Arrangement fee: £395

Other: One CCJ of up to £500 considered, two months’ arrears in the last 12 allowed, but none in the last six months, no MIG, flexible features.

Contact: 0191 260 4500

Mortgage 2000

Product: Exclusive 2 self-cert stepped discount

Funded by: SPML

Description: 1.75% discount until 1/6/2003, then 0.75% discount for a further year.

Rate: 5.7%

Max LTV: 80%

Redemption penalty: 7% of the outstanding loan for first three years.

Procuration fee: 1.25%

Arrangement fee: £495

Other: CCJs to £10,000 or four arrears in last 12 months, none in the last six, considered, reverts to Libor + 3.75%.

Contact: 0845 345 5700

Pink Home Loans

Product: Flexible self-cert stepped discount mortgage

Funded by: BM Solutions

Description: 0.76% discount for one year, followed by 0.51% discount for two years.

Rate: 4.74%

Max LTV: 85%

Redemption penalty: None

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

Arrangement fee: £325

Other: Underlying rate BBR + 1.75%.

Contact: www.pink.uk.net

N&P reduces rates on

The Norwich & Peterborough (N&P) Building Society has reduced the rates on its two and five-year fixed rate commercial loans for new borrowers.

The two-year deal carries a rate of 5.37% (previously 5.74%) and the five-year rate is 5.86% (previously 6.2%). The Society’s products allow local businesses to finance the purchase of new business premises, or to remortgage to reduce their monthly repayments.

Robert Lankey, head of commercial lending at N&P, said: ‘We do not know yet what effect the war in Iraq will have on the short-term outlook for the economy, but people have to continue running their businesses and, if they are looking to remortgage their shop premises, buy an industrial unit or move to a bigger factory, they might not be able to wait and see what happens.’

Available to 80% LTV, the loan carries an arrangement fee of 0.5%, with a minimum of £300. After the fixed rate period, the loan reverts to either a negotiable 1.25% and 3% above three-month Libor or 0% to 2% above the Society’s standard variable rate (currently 5.59%). There is a 1% arrangement fee payable and procuration fees are set at 0.5%.

Contact: 01733 372 425

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