Bank of Ireland Mortgages
Product: Five-year fixed rate buy-to-let mortgage
Description: Fixed to 01/03/09
Rate: 6.19%.
Max LTV: 85%
Redemption penalty: 5% to 01/03/09
Procuration fee: Refer to lender
Arrangement fee: £299
Other: Valuation refund, free legals (not in NI), buy to let not available in Scotland.
Contact: 0118 968 4333
Pink Home Loans
Product: Buy-to-let discount mortgage
Funded by: Nat West Mortgage Services
Description: 1.5% discount until 31/12/05.
Rate: 4.59%
Max LTV: 80%
Redemption penalty: None
Procuration fee: 0.45%, minimum £250, maximum £1950.
Arrangement fee: None
Other: Free valuation, free legals, annual rental income must be 10% or more of loan.
Contact: www.pink.uk.net
UCB Home Loans
Product: Buy-to-let three-year tracker
Description: BBR+1.19% for three years.
Rate: 4.94%
Max LTV: 80%
Redemption penalty: See lender, but no extended tie in.
Procuration fee: Negotiable.
Arrangement fee: £495
Other: Reverts to investment flexible variable rate (6.04%).
Contact: www.ucbhomeloans.co.uk
Alliance & Leicester
Product: Discount rate mortgage
Description: 1.86% discount for five years.
Rate: 3.93%
Max LTV: 95%
Redemption penalty: Six months’ gross interest during the discount rate period.
Procuration fee: Negotiable
Arrangement fee: £345
Other: First-time buyers, customers moving home and plus benefits customers receive additional incentives.
Contact: www.al.intermediary.co.uk
Bank of Ireland Mortgages
Product: 1st Start first-time buyer three-year discount
Description: 1.2% discount off SVR to 01/03/07.
Rate: 4.58%
Max LTV: 95%
Redemption penalty: 5% to 01/03/07
Procuration fee: Refer to lender.
Arrangement fee: £299
Other: No MIG, minimum age 21, not available in Scotland.
Contact: 0118 968 4333
Cambridge BS
Product: First-time buyer with Cambridge BS discount mortgage.
Description: 0.25% discount for the first year.
Rate: 4.64%
Max LTV: 95%
Redemption penalty: None
Procuration fee: 0.35%, no maximum
Arrangement fee: None
Other: No credit scoring, £200 towards solicitors fees.
Contact: 01223 727771
Chelsea BS
Product: Self-cert stepped discount mortgage
Description: 1.6%, 0.9%, 0.5% discounts in the first three years respectively.
Rate: 4.14%
Max LTV: 85%
Redemption penalty: 3% for three years
Procuration fee: Negotiable
Arrangement fee: £395
Other: £245 admin fee.
Contact: 08702 404808
Woolwich
Product: Openplan new-build discount mortgage
Description: 1.75% discount for two years.
Rate: 4.04%
Max LTV: 95%
Redemption penalty: Six months’ interest at SVR for two years from completion, 10% repayment per annum allowed without penalty.
Procuration fee: On application
Arrangement fee: £149
Other: No MIG, New-build brokers only, house purchase only, flexible features.
Contact: 0845 604 0581
Woolwich
Product: Openplan flexible discount mortgage
Description: 2% discount for two years.
Rate: 3.79%
Max LTV: 95%, 90% for remortgagers
Redemption penalty: None
Procuration fee: Negotiable
Arrangement fee: £295
Other: Flexible features.
Contact: 0845 604 0581
Alliance & Leicester
Product: Five-year fixed rate mortgage
Description: Fixed until 31/01/09.
Rate: 5.15%
Max LTV: 95%
Redemption penalty: Six months’ gross interest during fixed rate period
Procuration fee: Negotiable
Arrangement fee: £595
Other: First-time buyers, customers moving home and ‘plus benefits’ customers receive additional incentives.
Contact: www.al.intermediary.co.uk
Chelsea BS
Product: Fixed rate mortgage
Description: Fixed until 01/01/06.
Rate: 4.54%
Max LTV: 95%
Redemption penalty: 3% until 01/06/06.
Procuration fee: Negotiable
Arrangement fee: £295
Other: £245 admin fee, fee legals or £200 contribution.
Contact: 08702 404808
Halifax
Product: Homemover fixed rate mortgage
Description: Fixed for five years
Rate: 5.39% for 0-80% LTV, 5.69% for 80-95% LTV, 5.79% for 95-97% LTV.
Max LTV: 97%
Redemption penalty: 5%,4%,3%, 2%,1% in the first five years.
Procuration fee: Refer to lender.
Arrangement fee: £199
Contact: www.halifax.co.uk
Nationwide
Product: Fixed rate mortgage
Description: Fixed for five years
Rate: 5.49% 0-75% LTV, 5.59% 75-90% LTV, 5.99% 90-95% LTV
Max LTV: 95%, remortgages to 90%
Redemption penalty: 5%,4%,3%, 2%,1%, in the first five years.
Procuration fee: Refer to lender
Arrangement fee: £185
Other: Overpayment of up to £500 per month without penalty, flexible features, no MIG, 12 months free MPPI.
Contact: 0800 30 20 10
Bank of Ireland Mortgages
Product: Three-year capped base rate tracker
Description: BBR+1.25% to 01/03/07 capped at 6.99%.
Rate: 5%
Max LTV: 85%
Redemption penalty: 5% to 01/03/06 then 4% to 01/03/07
Procuration fee: Refer to lender.
Arrangement fee: £299
Other: Valuation refund, free legals (not in NI), buy to let not available in Scotland.
Contact: 0118 968 4333
Exclusive Connections
Product: Cash back tracker mortgage
Funded by: Bristol & West
Description: BBR+0.5% for three years, £650 cash back.
Rate: 4.25%
Max LTV: 95%
Redemption penalty: 5% of the sum repaid for two years, 4% of sum repaid for one year.
Procuration fee: Negotiable
Arrangement fee: £499
Other: Up to three months’ arrears in last three years. One CCJ to £250, no CCJs or arrears in last three years for first-time buyers.
Contact: 0870 330 1817
Halifax
Product: FTB capped rate tracker
Description: BBR+1% for three years
Rate: 4.75%
Max LTV: 97%
Redemption penalty: 3%,2%,1% in the first three years.
Procuration fee: Refer to lender
Arrangement fee: £199
Other: Capped at 5.75%, choose from £250 cash back, refund of valuation report, free conveyancing.
Contact: www.halifax.co.uk
Nationwide
Product: Five-year tracker mortgage
Description: BBR+0.39% for 0-75% LTV, BBR+0.49% for 75-90% LTV, BBR+0.89% for 90-95% LTV.
Rate: 4.14% ,4.24%, 4.64%
Max LTV: 95%, remortgagers 90%
Redemption penalty: 5%,4%,3%, 2%,1%.
Procuration fee: Refer to lender.
Arrangement fee: £185
Other: Flexible features.
Contact: 0800 30 20 10
Nationwide
Product: Two-year tracker mortgage
Description: BBR+0.09% for 0-75% LTV, BBR+0.19% for 75-90% LTV, BBR+0.59% for 90-95% LTV.
Rate: 3.84%, 3.94%, 4.34%
Max LTV: 95%, remortgagers 90%
Redemption penalty: 2%,1%
Procuration fee: Refer to lender.
Arrangement fee: £185
Other: Flexible features.
Contact: 0800 30 20 10
Woolwich
Product: Openplan flexible tracker mortgage
Description: Barclays Bank base rate +0.6% for term of loan.
Rate: 4.35%
Max LTV: 80%
Redemption penalty: None
Procuration fee: On application.
Arrangement fee: £245
Other: Minimum loan size £300,000.
Contact: 0845 604 0581
SPML charges ahead with light range
Southern Pacific Mortgage Limited (SPML) has launched a range of light adverse mortgages.
The range has seven schemes with LTVs up to 95%, with rates ranging from 2.25% to 4.25% above LIBOR, depending on LTV and levels of adverse credit history. There is a discount on these rates of 1.25% available on all schemes until 1 March 2005.
The product’s early redemption penalties are set at 6% in year one; 5% in year two; 4% in year three and 1% or 1 month’s notice thereafter; for the discount option penalties are set at 6% in the first three years.
John Prust, sales and marketing director at SPML, said: “SPML’s new light adverse range of products offers an ideal route to mortgage finance for the prime applicant who has a minimal adverse history of either defaults or credit card problems, which many high street lenders often do not accept.”
The loans are available for purchase and remortgage, for employed and self-employed applicants, with self certification of incomes allowed on schemes up to 85% LTV.
The range attracts an arrangement fee of £395. For procuration fees refer to lender.
Contact: www.spml.co.uk
Scottish Widows
Scottish Widows Bank has announced a three year stepped discount on its Flexible and Professional mortgages.
With an initial rate set at 3.99%, the product offers a 1% discount from SVR in year one, 0.5% in year two and 0.25% in the final year, SVR is currently 4.99%. An early redemption penalty is set at 2%, which only applies if the mortgage is redeemed in full or the client wishes to switch into another bank product, meaning regular or lump sum overpayments are allowed. Maximum LTVs are 90% for the flexible product and 110% for the Professional.
Gordon Bowden, business development director at Scottish Widows Bank, said: “The discount offers an excellent headline rate as well as very good value over the life of the product, and reinforces Scottish Widows Bank’s approach to consistently offer good value and competitive products. The discount also has the added benefit of being available with or without an offsetting arrangement.”
The discount carries no arrangement fee and procuration fees are set at £150 to £50,000, £3500 to £150,000 and 0.35%, with a maximum of £1000. Valuations are free to a value of £250 and there is a £150 contribution to legal fees.
Contact: 0845 845 0110
