Norwich Union has launched a new self-certification mortgage offering a 1.2 % discount through The Mortgage Business. The discount runs until 1 October 2002 and is available to both salaried and self employed applicants who want to borrow up to 85 % Loan To Value ( LTV).
Norwich Union has launched a new self-certification mortgage offering a 1.2 % discount through The Mortgage Business. The discount runs until 1 October 2002 and is available to both salaried and self employed applicants who want to borrow up to 85 % Loan To Value ( LTV).
- Discount of 1.2 % - initial rate of 5.79 %
- Self-certification of income (no need for accounts / wage slips)
- Minimum loan size of Ł25,001
- Minimum valuation of Ł35,000
- Application fee of Ł299
- Redemption penalty during first three years of loan
- Procuration fee of 0.50 % of loan
Norwich Union's head of mortgage development Jon Round commented: "By building a strong working relationship with The Mortgage Business over a number of years, we are delighted to offer one of the lowest self-certification discounted rates available. Not having the customary three years of accounts should no longer be a barrier to getting a new mortgage. We believe that the self-employed market is still an area of huge potential and so by offering IFAs such a competitive product, we hope to help them grow this area of their business."
IFAs who wish to take advantage of this offer can contact Norwich Union on 0845 845 1388 for further details.
-Ends-
Product in more detail:
- Early Redemption Penalty is 3/2/1 months interest in first 3 years and one months notice or interest in lieu of notice thereafter
- This product is offered in conjunction with The Mortgage Business plc, who are a Bank of Scotland Group company
- Available for purchase or remortgage
Typical example:
For example, a Ł50,000 mortgage over 25 years taken out in June 2001 would initially require 15 interest only monthly payments of Ł241.25, calculated at the discounted rate of 5.79%. From the end of the discounted rate period, the standard rate would prevail for the remaining term of the mortgage. At the current standard rate of 6.99%, the remaining interest only monthly payments would be 285 of Ł291.25, followed by one capital repayment of Ł50,000. The total amount payable would be Ł137,339 and the overall APR for the agreement would be 7.2%.
The total amount payable includes Ł190 valuation fee and Ł225 legal fee payable in advance, and Ł299 completion fee payable with the final mortgage repayment. Early redemption of the mortgage will result in the addition of 3,2,1 months' gross interest in the first three years and one months notice or interest in lieu of notice thereafter.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP
REPAYMENTS ON A MORTGAGE OR OTHER LOAN
SECURED ON IT.
Your property - and for certain types of loan - a suitable life assurance policy will be required as security for the mortgage. For some mortgages a mortgage guarantee premium may also be required. Full written details including a quotation are available on request. All loans are subject to your status, and the type and value of the property. Loans are not available for persons under 18 years of age.
WE SUBSCRIBE TO THE MORTGAGE CODE - COPIES ARE AVAILABLE ON REQUEST.
Notes to editors
- IFAs can benefit from the buying power of one of the largest mortgage intermediaries in the UK, through enhanced mortgage products, enhanced procuration fees - with dedicated service and support.
- CGU plc and Norwich Union plc merged on 30 May 2000 to create CGNU plc, the UK's largest insurance group and one of the top-five insurers in Europe with substantial positions in other markets around the world, making it the world's sixth largest insurer based on gross worldwide premiums.
- CGNU's principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales from ongoing business of over Ł27 billion and assets under management of more than Ł210 billion.
- From October 2000, the combined life and pensions, general insurance and retail fund management businesses in the UK operate under the Norwich Union brand, while the institutional investment business operates under the Morley Fund Management brand.
- Norwich Union's news releases are available on this website
| Press office contacts: | ||
| Out of hours | ||
| James Evans | 08703 66 68 78 | 07790 487105 |
| Louise Goffee | 08703 66 68 70 | 07747 764342 |