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An Exclusive move


Next Move Tracker

Tracker mortgage

Tracker term:
Lifetime of loan

Tracker rate:
1.35% above Bank of England base rate

Payable rate:

Minimum loan:

Maximum loan:
Up to 85% of valuation subject to a maximum of £500,000,
up to 80% of valuation subject to a maximum of £800.000,
up to 75% of valuation subject to a maximum of £1m

Income multiples:
Up to 3.5 times principal income plus second or 2.75 times joint

Maximum 3 CCJs with combined value of £1,000

Arrangement fee:

Redemption fee:

Introducer&#39s fee:
Subject to negotiation

Tel:0800 587 7272

Exclusive Connections&#39 Next Move base rate tracker, funded by The Mortgage Business, is available to all types of borrowers including the self-employed and those with up to 3 CCJs with a combined value of £1,000.

Aptitude Financial Planning principal Roy Rutter thinks this mortgage is very suitable for the self-employed market. He says: “The margin on base rate of 1.35 per cent is not the keenest in the market, but given the other features and the target market for this product I consider it reasonable.”

Rutter thinks the latitude over previous credit history, daily calculation of interest and flexible features are useful. He also likes the absence of a redemption fee and the ability to add the arrangement fee to the loan.

However, he feels the £399 arrangement fee is slightly on the high side and expresses a concern about the administration of this package and The Mortgage Business which funds this deal. Rutter&#39s final criticism is that a maximum 90 per cent LTV is preferable to the 85 per cent offered by Exclusive Connections but he concedes that the lender must know the market it is aiming for.

Bristol & West is cited by Rutter as a possible competitor but its maximum LTV for self-certification mortgages is lower at 75 per cent. Rutter also mentions Coventry Building Society, which he says is very competitive in terms of mortgage indemnity premiums.


Suitability to market: Average
Flexibility: Good
Competitiveness of Mortgage Rate: poor
Adviser remuneration: Average

Overall 6/10


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