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
Adviser remuneration: Average