These products offer the client an attractive 3 year discount, free valuation and free legal fees for remortgage applications and has the added benefit of an overpayment facility.
David Copland, marketing director at Pink commented: “There are a limited number of three-year discounted products available in the marketplace. The 1.65 per cent discount offers a competitive initial pay rate, with the added facility for overpayment. This is also supported by free valuation and free legal fees for remortgages.”
At loan to values below 50 per cent the products features enhanced income multiples of 4.25 x single income and 3.25 x combined income and there is also no higher lending charge.
1.65 per cent discount for three-years:
REMORTGAGE
Initial pay rate: 4.74 per cent
Underlying pay rate: Standard Variable Rate
Early repayment charges: 3 per cent of the amount repaid in the first three years. Up to 10 per cent of the advance may be repaid in any year without incurring an early repayment charge.
Net broker commission: 0.40 per cent
Arrangement fee: £350 – debited to the mortgage account on completion
Incentive: Free standard valuation fee and free legal fee (using lender’s conveyancer)
Maximum loan to value: 80 per cent LTV up to £500,000
Adverse credit: Applicants with a poor credit profile are not acceptable
Minimum Loan: £20,000
Interest: calculated Monthly
PURCHASE
Initial pay rate: 4.74 per cent
Underlying pay rate: Standard Variable Rate
Early repayment charges: 3 per cent of the amount repaid in the first three years. Up to 10 per cent of the advance may be repaid in any year without incurring an early repayment charge.
Net broker commission: 0.40 per cent
Arrangement fee: £350 – debited to the mortgage account on completion
Incentive: Not applicable
Maximum loan-to-value: 90 per cent LTV up to £500,000
Adverse credit: Applicants with a poor credit profile are not acceptable
Minimum Loan: £20,000
Interest calculated: Monthly
Other:
*No overhang
*Up to 10 per cent of the advance may be repaid in any year without incurring an early repayment charge
*Generous income multiples at low loan to values
*Will lend on land with planning permission PURCHASES ONLY (up to 80 per cent loan to value of the land value or purchase price)
*No higher lending charge