Preferred Mortgages launches revised product range
• Discount periods are extended, with the one-year discount up to 1.50 per cent available until 30 April 2005 and the two-year stepped discount up to 1.75 per cent on offer until 30 April 2006.
• Enhanced loading thresholds. There is greater value for larger mortgages with the 0.5 per cent loading threshold increasing from £250,000 to £300,000.
• Revised Extra Light product. Reference from employer only paperwork needed.
APS increases proc fees
• APS Europe Mortgage Club has increased the procuration fee payable on Mortgages plc applications to 1.25 per cent.
• The increase applies across the range of buy-to-let, right-to-buy and all core products, except the Near Prime range.
• Mortgages plc are also paying £200 directly to introducers upon offers made on new applications until March 31 2004. This applies to loans above £50,000 and excludes buy-to-let and right-to-buy products.
Yorkshire BS launches ‘changeling’ fixed rate
• Yorkshire Building Society has launched a two-year fixed rate, which turns into a tracker for a further three years.
• The loan offers a 3.99 per cent two-year fixed rate for home movers (4.14 per cent for remortgaging) with a tracker rate from years three to five at 1.24 per cent above base rate. Based on the current base rate, the variable rate would be 4.99 per cent.
• The loan is fully flexible, permitting unlimited overpayments without charges (providing the loan isn’t fully repaid), underpayments and payment holidays. Free accident, sickness and unemployment cover for six months.
• Available at 95 per cent LTV.
Halifax re-launches core variable mortgage range
• First-time buyers (FTBs) offered any Halifax home mover range product can choose from the FTB range with one or all of the following: valuation refund, £250 cashback or conveyancing service.
• Home movers are offered a low headline tracker rate with fees, a higher rate with no fees, or combination of the two.
• Customers remortgaging can choose from a range of products where the interest rate reflects ‘fee-free’ status.
• Existing customers moving home can extend the term of any two-year tracker rate in the home mover range to three years.
Skipton move into LTFRs
• Skipton Building Society has entered the long-term fixed rate mortgage market with a ten-year fixed rate.
• The ten-year loan is fixed at 5.99 per cent until 31 March 2005 after which the loan changes to 6.24 per cent until 31 March 2014. The variable rate is offered with a 0.75 per cent discount, with a current pay rate of 4.99 per cent. There are unlimited capital repayments and it is available to 95 per cent LTV with free MIG up to 90 per cent LTV.
• Skipton has also launched a five-year stepped fixed rate at 4.49 per cent fixed until 31 March 2005, which rises to 4.99 per cent in 2006, and 5.89 per cent until 31 March 2009. Then it switches to a variable rate with a 0.75 per cent discount. It is available up to 95 per cent LTV with free MIG up to 90 per cent LTV.
Mortgage Trust launches fixed BTL
• Mortgage Trust has launched a fixed rate buy-to-let mortgage at 5.25 per cent until 31 March 2005.
• There’s a maximum LTV of 85 per cent with no early redemption charges applicable beyond the fixed rate duration. It offers full flexibility.
Tipton & Coseley’s new remortgage range
• Tipton & Coseley Building Society has launched a remortgage package.
• The range includes three products - a fixed rate of 5.18 per cent until 1 October 2008, a 1.50 per cent discount for five years, which gives an applied rate of 4.24 per cent variable or a cashback option, which at 5.74 per cent variable, offers customers a lump-sum payment of up to 7.50 per cent of the remortgage amount on completion, to a maximum of £18,750.
• All products have free buildings insurance and free accident, sickness and unemployment insurance until 30 June 2004. There is no mortgage indemnity insurance and the Society covers valuation and legal fees.
New products from Genesis
• Genesis Mortgage Services offers two new products.
• Firstly, a full status, three-year discount rate offering mortgage facilities for all clients up to 95 per cent LTV for both purchase and remortgage. The initial pay rate is 3.85 per cent, which includes a 1.94 per cent discount from SVR for the first three years. Clients get a £300 cashback and the procuration fee is 0.6 per cent.
• Secondly, a three-year, self-certification tracker offering an initial rate of 4.65 per cent. This is 0.9 per cent above Bank Base rate and applies for three years. It’s available to 85 per cent LTV to employed and self-employed clients. First-time buyers receive a cashback of £500. The procuration fee is 0.75 per cent.”
