Private Label has announced the launch of a mortgage product it claims uses a structure never before ...
The premise is a 5.79% (APR 6.8%) five year fixed rate which can be turned into a variable rate tracker at the discretion of the customer.
The 5.79% five year fixed rate to 1 September 2006, claims Private Label - part of the GMAC group, is the market leader for loans from £25,000 up to 99% loan to value (LTV) with a daily interest charge.
Investors contemplative that the bank base rate will continue to fall and undercut the group's fixed rate are given the option of switching to a variable bank base rate tracker free of charge where it remains for the life of the loan. If this option is taken after a 30 day notice period, the mortgage rate follows at 1% above the bank base rate.
There is a universal maximum loan transfer value (LTV)of 95% regardless of whether the borrower is purchasing a property or switching lender. Mortgage related costs can be added to the loan up to a maximum of 99% LTV. There is a lenders fee of £299 added at completion.
Full or part-time redemptions are charged at 5% to 1 September 2002, with this figure reducing by 1% a year until a nil rate from 1 September 2006 onwards. There is also a free mortgage indemnity guarantee (MIG).
Intermediaries receive an introducer fee of 0.35% of the loan (minimum £200) directly from the lender.
A helpline is available on 01344 477 477.
Industry Voice: For generations, life expectancy has been steadily increasing, with more and more people now likely to live to 100.
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