The promotional rate is 0.51% below bank base rate for a full 3 years making the day one pay rate 3.99% The maximum loan to value available on the product is 90% and both employed and self-employed applicants can benefit from this scheme. Early repayment charges are only charged during the promotional period and the arrangement fee is 1% of the loan amount.
David Copland, marketing director at Pink Home Loans said; “This is a fantastic deal over a 3 year period and it may make intermediaries and their clients think again about choosing the more popular 2 year products as a third year of paying 51 basis points below bank base rate is extremely appealing. There is still more than a chance of another Bank Base Rate reduction over the next few months, which will only add to the appeal of this.
Leeson Antrobus, principal at Maywood Mortgages comments; “What an unbelievably low-cost product, the low initial rate is likely to attract a high amount of business. It’s good to see Pink and BM Solutions continuing to provide excellent products for the end customer”.
Martin Reynolds, head of sales, BM Solutions said: "This is a great product and we look forward to seeing it prove popular with brokers and their clients."
Summary
- Product rate 3.99% (BBR minus 0.51% for 3 years)
-Net commission 0.35% - online applications only
- Arrangement fee 1% of the loan amount
-Minimum loan £25,001
- Maximum loan £2,000,000
