The initial rate of 5.39% is fixed until 01/10/07 after which, the product will revert to standard variable rate. This new product offers borrowers the benefits of an upfront lump sum but with the stability of fixing their payments for five years. It is accessed exclusively through Pink Home Loans via direct and packaged submission routes.
There is an arrangement fee of £299, whilst the redemption penalty is 6% to 01/10/03, 5% to 01/10/04, 4% to 01/10/05, 3% to 01/10/06 and 2% to 01/10/07. The introducer’s fee is 0.25% (min £200, max £2,500) and this can be paid within 24 hours of legal completion if an express payment request form is completed and customers can also benefit from having broker commission paid directly into their bank account via BACS.
