The product is fixed at 4.75% for one year, there is no overhang redemption penalty after the first year and borrowers can overpay up to £500 per month. The product is available up to 85% loan to value, is portable and can be used for capital raising. It has an arrangement fee of £300 and a reservation fee of £75.
Sally Laker, managing director of Mortgage Intelligence said: “Following the success of our previous exclusive deal with UCB, we are delighted to be able to offer another exciting product to our members. We are seeing an increased demand from our members for a competitive product such as this as interest rates are still uncertain and predicted to be lower at the end of the fixed rate period”.
At the same time the lender is funding the launch of a self-certification, one year flexible tracker mortgage with AMF, Manor Mortgages, The Mortgage Times Group and Optoma.
The product, which will be available for a limited period only, tracks the Bank of England base rate for one year at BBR plus 0.49%. There is no overhang redemption penalty after the first year and borrowers can also make unlimited overpayments. The product is available up to 85% loan to value, is portable and can be used for capital raising. There is an arrangement fee of £330 and a reservation fee of £75.
Helen Hymos, director of AMF said: “We are delighted to continue our very successful packaging arrangements with UCB Home Loans with this excellent semi-exclusive product, which at an extremely competitive rate will also allow customers to benefit from expected base rate cuts during 2006”.
James Harries, sales and marketing director at Manor Mortgages added: “With over 10 years packaging experience with UCB, we are delighted here at Manor to be able to launch this new
special product at such an important time, and to set the tone for 2006. The combination of an excellent lead rate, short redemption penalty period and low fees makes this self cert product hard to beat”.
