Pink customers will benefit from reduced up-front costs across a range of products such as the Synergy Light Adverse range, funded by Mortgages plc.
Rates start from 5.45 per cent, which includes a 2 per cent discount until 30/11/05. At the end of the discount period, the product rate will revert to SVR plus the relevant loading, determined by the client’s individual circumstances.
An early repayment charge of 6 per cent applies for the first 3 years and is charged against any amount repaid during this period. Thereafter, the charge will revert to either 1 month’s notice or 1 month’s interest in lieu of notice.
The product allows for differing levels of adverse credit and has loan to value and loan size restrictions.
Nic Ekin, product manager at Pink Home Loans, comments: “The Synergy range offers a competitive discounted rate for borrowers with some historic credit problems and when combined with Pink’s Summer Sale, customers will benefit from reduced up-front costs.”
Product example
Funded by: Pink Home Loans funded by Mortgages plc
Product: Synergy Light Adverse Self-cert
Initial rate: 5.95% including 2% discount to 30/11/05
Underlying rate: SVR + 1.05%
Mortgages plc SVR currently 6.90%
Max LTV: 80% LTV up to £500,000
Minimum loan: £25,001
Minimum valuation: £32,000
Early repayment charge: 6% of the amount repaid in the first 3 years
Adverse credit:
£3,000 CCJ’s OR 2 months arrears in last 12 months (0 in last 3 months)
PLUS IVA satisfied for 1 year and bankruptcy discharged for 1 year
Broker commission: 1.75%
Arrangement fee: £395
Other: Branded lending - packaged submission only & £100 off standard valuation fee.
