The lifetime tracker offers a rate of 0.35 per cent above Bank of England base rate giving an initial pay rate of 4.85 per cent. The maximum loan to value is 75 percent with a maximum loan of £250,000. There is no early repayment charge and an arrangement fee of £475 which can be added to the loan on completion. The product is also enhanced by a free valuation of up to £500,000 and free standard legal fees up to £250 using Mutual One’s solicitor.
Sales and marketing director at Pink Home Loans, David Copland said: “The Council of Mortgage Lenders has recently reported that there has been a 17 per cent increase in remortgaging between May 2005 and May 2006. Whether the client’s fixed rate deal has now come to an end or they want to raise money for a new kitchen, this is an ideal product for them. It is available via direct submission to the Catholic Building Society and the intermediary will benefit from the broker commission being paid within 24 hours of legal completion.”
Chief executive at the Catholic Building Society, James Gilbourne said: “We are delighted to be working with Pink to offer this competitive product. It enables intermediaries to take advantage of a great deal which would not usually be available through such wide distribution channels.”
