Available at 4.99 per cent, the product is available up to 85 per cent loan-to-value (LTV), including borrowers with a current self-certification status. There is no higher lending charge (HLC) on the product, with no extended tie in or redemption penalty overhang.
Mortgage 2000 and UCB Homeloans have confirmed the product will be available through the m2 mortgage club, and through intermediaries. The companies have also announced an introducer fee of 0.42 per cent with a minimum fee of £200 and no maximum is available on directly submitted business. Alternatively, m2-d&p mortgage packagers are to offer the product, paying a broker fee of 0.45 per cent.
Nikki Haworth, corporation partnership manager at Mortgage 2000, said the offer coincided with the recent addition of UCB Homeloans to the Mortgage 2000 packager panel. She said: “Because UCB had recently been added to Mortgage 2000’s packaging panel we wanted a way of bringing UCB to the attention of our clients.”
James Cotton, mortgage specialist for London & Country, admitted the rate would prove popular for borrowers and mortgage intermediaries and said it provided a good combination of interest rate and fees payable. He said: “On the face of it, this offer looks like quite a good deal. It is right near the top of the tree when it comes to self-certification rates. Most of the cheaper deals will have percentage fees, for example 1.5 per cent, so this sounds like a good combination of a competitive rate and a decent fee.”
