The Mortgage Operation
FIXED RATE MORTGAGE
Type: Fixed rate mortgage offering a choice of a higher cashback or a lower cashback and no legal, valuation or lender's reference fees.
Fixed term: Until June 1, 2003.
Fixed rate: 6.99 per cent.
Minimum loan: £30,000.
Maximum loan: For loans up to 75 per cent of valuation – no maximum. Loans up to 90 per cent of valuation subject to a maximum of £450,000.
Income multiples: 3.5 times principal income plus second or 2.75 times joint.
Arrangement fee: Completion – £395, application (free fees only) – £99, submission (higher cashback only) – ranges from £199 for loans up to £40,000 to £329 for loans up to £200,000 and by negotiation for £200,000 plus.
Cashback: £1,000 or £400 plus free fees.
Redemption fee: Six months' gross interest at standard variable rate until May 31, 2004.
Introducer's fee: £400.
Tel: 0171 571 2400.