Norwich Union launches two new mortgage deals

Norwich Union has launched two new mortgage offers.

First is the new self-certification mortgage via Mortgage Express.

  • Discount of 1.01% – initial rate of 4.99%
  • Self-certification of income – customer declares income, no other documentation required. Self-employed only need to have been in their current job 12 months
  • Customers can borrow up to 90% loan to value for all customers, first-time buyers, remortgagors and home movers
  • Minimum loan £50,000
  • £325 completion fee (added to loan on drawdown)
  • Redemption penalty – 6-months interest at Standard Variable Rate during the discounted period (no extended redemption penalty)
  • Procuration fee 0.45% of the loan (minimum £175)

The new 2.5% discounted mortgage via NatWest.

  • Discount of 2.5% until September 30 2002 followed by 1.25% discount until September 30 2005.
  • Initial rate 3.45% (5.9% APR)
  • Customers can borrow up to 75% of the property price/valuation or between 90.01% and 95% of the property price/valuation. For loans up to 75% loan-to-value there are minimal packaging requirements for employed applicants which are: application form, fees (application & valuation) and proof of identity.
  • £195 arrangement fee (payable on application)
  • Available for house purchase or remortgage
  • Minimum loan £50,000
  • No compulsory insurances
  • Early repayment charge : repayment of discount until 30th September 2005
  • Procuration fee 0.45% (minimum 275, maximum £2,000)