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UCB flexes remortgage

UCB Home Loans

Self Cert Two Year Flexible Fixed Rate Remortgage

Type: Self-cert fixed-rate mortgage

Fixed term: Two years

Fixed rate: 5.19%

Minimum loan: 25,001

Maximum loan: Up to 85% of valuation subject to a maximum of 500,000, up to 75% of valuation subject to a maximum of 750,000, up to 65% of valuation subject to a maximum of 1m

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

Conditions: Free standard valuation and waiver of reservation fee for remortgages

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

Introducers fee: Subject to negotiation

Tel: 0845 940 1400

UCB Homeloans Self Cert Two Year Flexible Fixed Rate Remortgage is fixed at 5.19 per cent for two years and is available for loans up to 85 per cent of valuation.

Brian Pack Financial Services principal Brian Pack believes this is an attractive fixed rate of 5.19 per cent bearing in mind it is a self-certification mortgage. He likes the incentives such as free valuation and lack of a reservation fee, but rates the adviser remuneration as average.

Discussing the negative features of the mortgage pack says: “The income multiples are low and are not very useful. The revert rate is a little high at 7.04 per cent and the maximum loan of 85 per cent of valuation is average.”

He concludes that Standard Life Banks fixed rate mortgage will compete with this deal.


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

Overall: 6/10


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