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Works launches self-cert range
- Magazine: MortgageAdviser
- Published Wednesday , February 27, 2008
Advertising
TMW
Self-cert fixed rates
www.themortgageworks.co.uk
Lender says...
The Mortgage Works, Nationwide's specialist lending subsidiary, has launched a new range of fixed rate self-cert products.
A three-year fixed rate product is available at 5.79 per cent up to 75 per cent loan-to-value. There is an arrangement fee of 1.5 per cent of the size of the loan or a minimum of £595. Customers can borrow up to £1m. There is an early repayment charge of 5 per cent of the capital repaid until 30 June 2011, when the fixed rate period ends. The rate reverts to 1.99 per cent above the base rate after the fixed rate period. Also available in the range is a fee-free product, which is fixed for three years at 6.49 per cent. The product is available up to 85 per cent LTV. The maximum amount that can be borrowed is £1m. The rate is fixed until 30 June 2011 when the rate reverts to 1.99 per cent more than the base rate and there is an early repayment charge of 5 per cent of the amount repaid until this date.
A five-year fixed rate product is also available at 5.79 per cent with an arrangement fee of 1.5 per cent. This product is available up to 75 per cent loan-to-value with a maximum loan amount of £1m available. The rate is fixed until 30 June 2013 when it reverts to 1.99 per cent above the base rate. There is an ERC of 5 per cent if the mortgage is repaid before 30 June 2013. A five-year fixed rate deal is also available without an arrangement fee at 6.29 per cent. This is available up to 85 per cent LTV for a maximum loan amount of £1m. The rate reverts to 1.99 per cent above the base rate on 30 June 2013 and there is an ERC of 5 per cent before this date.
Adviser says...
Michael Brill, director of Essex-based IFA Baronworth Investment Services, said all the products were quite competitive but in some cases these deals could be beaten.
He said: "This is a slightly higher rate but depending on the size of mortgage the 1.5 per cent fee and the cheaper rate might work out to be more competitive."
Rating: HHH