FIXED RATE MORTGAGE
Type: Fixed rate mortgage offering the option to switch into a new two year fixed rate at the end of the term.
Fixed term: Until October 31, 2000.
Fixed rates: Up to 75 per cent of valuation – 4.99 per cent, up to 95 per cent of valuation – 5.39 per cent.
Minimum loan: Purchases – £20,000, remortgages – £25,000.
Maximum loan: Up to 95 per cent of valuation subject to a maximum of £300,000.
Income multiples: First time buyers – 3.25 times principal income plus second or 2.75 times joint, other borrowers up to 75 per cent of valuation – 3.75 times principal income plus second or three times joint, above 75 per cent of valuation – 3.3 times principal income plus second or 2.75 times joint.
Arrangement fee: £295.
Redemption fee: Nine months' gross interest during fixed term reducing to six months' up to October 2003.
Introducer's fee: £165 payable to IFAs.
Tel: 0171 404 6966.