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UCB excels at self-cert

CB Home Loans

Self-Certification 3 Year Flexible Fixed

Type: Flexible fixed-rate mortgage for self-cert applicants

Fixed term: Three years

Fixed rate: 5.99%

Minimum loan: 25,001

Maximum loan: Up to 85% of valuation subject to a maximum of 350,000, up to 75% of valuation subject to a maximum of 500,000, up to 65% of valuation subject to a maximum of 750,000

Income multiples: 3.25 principal income plus second or 2.75 times joint

Flexible features: Overpayments up to 500 a month, underpayments, payment holidays, lump sum withdrawals, interest calculated daily

Arrangement fee: 330

Redemption fee: Six months interest in year one, five months interest in year two, four months interest in year three

Introducers fee: Subject to negotiation

Tel: 0845 9401400

UCB Home Loans self-certification 3 year flexible fixed is fixed at 5.99 per cent for three years.

Priestfield Webber proprietor Malcolm Martin regards this deal as a valuable addition to the range of fixed-rate products available to intermediaries. He says: “This is an excellent, flexible short- to medium-term fixed rate for self-employed clients who want to take advantage of a true self-certification product.”

Martin likes the usual array of flexible features such as overpayments, underpayments, payment holidays and the ability to borrow back previous overpayments. He says: “The rate is keenly priced when compared with the market. An additional feature is the ability to choose a mixture of fixed and tracker rates within a single mortgage, thereby balancing the clients exposure to interest rate fluctuations.”

Martin feels there is little to dislike about the product, although he thinks a cashback incentive for remortgages would have made the scheme even more attractive.

Discussing possible competitors Martin says: “The main competition is provided by Northern Rock, which has a slightly cheaper rate at 5.59 per cent and the benefit of a 1,000 cashback to assist in expenses. However the UCB scheme is a true self-certification scheme compared with Northern Rock, which will invariably require additional information regarding income verification.”


Suitability to market: Good
Flexibility: Good
Competitiveness of mortgage rate: Good
Adviser remuneration: Average

Overall 7/10


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