The product offers an attractive initial pay rate of 4.49 per cent, a free valuation on all applications and free legal fees for individuals wishing to remortgage. The 4.49 per cent rate has an arrangement fee of £595, which is added to the loan on completion. The product allows the client to repay up to 25 per cent of the debt without charge and has no early redemption penalty overhang.
This deal is available for applications with a maximum loan to value of 75 per cent.
David Copland, marketing director at Pink Home Loans, commented: “This is an excellent option for individuals wishing to remortgage, as it offers an attractive rate, no upfront fees, no extended tie and the option of reducing the balance within three years without penalty."
Richard Carson, general manager, business development at Mutual One, commented: "Mutual One Mortgage Originations is an initiative designed to help building societies distribute mortgage products through major distributors such as Pink Home Loans. Barnsley Building Society was one of the first societies to successfully utilise the scheme and I'm delighted that the society has chosen this route to market again, providing this extremely attractive product."
Summary
*Underlying pay rate – 2 per cent discount off Barnsley Building Society’s SVR (currently 6.49 per cent) (for further details visit www.pink.uk.net)
*Initial pay rate 4.49 per cent
*Incentive – Free basic valuation fee on all application. *Remortgages only – free legal fees using lender’s conveyancing service
*Net broker commission 0.30 per cent
*Early repayment charge is equal to the monetary value of the benefit received will be made in the first 3 years. Up to 25 per cent of the debt can be repaid without charge
*Arrangement fee £595 – added to the debt on completion
*Other fees – If own buildings/contents insurance is taken there will be a fee of £25
*Direct submission to Barnsley Building Society
*Minimum loan £100,000, maximum loan £500,000 and maximum loan to value 75 per cent
