Available at an initial rate of 3.99 per cent, the product is Bank Base Rate (BBR) minus 0.51 per cent for two years, before reverting to BBR plus 1.99 per cent. A maximum loan-to-value (LTV) of 90 per cent exists on the product, with one County Court Judgement (CCJ) to £250 that has been satisfied for six months also allowed.
The product includes a completion fee of £1,499, with an early repayment charge (ERC) of 5 per cent during the first two years, in addition to a free higher lending charge.
A broker fee of 0.35 per cent also exists on the product. The minimum loan is £25,001, with the maximum set at £2 million.
Announcing the launch, Richard Stokes, head of product development at The Mortgage Times Group, said: “We are making a concerted effort to crack the large loan arena and as such have made various service promises on our broker website. We are delighted that BM Solutions has backed us with a product which is ideal for high net worth clients at 3.99 per cent for two years, and with BM’s track record in service on both the packaged and direct route this should take us a step forwards.”
Martin Reynolds, head of sales at BM Solutions, added: “Dealing with large loans takes plenty of experience. I feel that the combination of our underwriting knowledge and service coupled with the cutting edge marketing of The Mortgage Times Group, our largest packager, is once again a winning combination.”
Kim Barrett, proprietor at KS Barrett & Associates, said: “That is a great rate. It makes you wonder where the lender will get its money back?”
