The product offers a rate of 4.89 per cent (BBR + 0.39 per cent) for the life of the mortgage and the rental payment is calculated on an interest only basis at the pay rate (BBR + 0.39 per cent).
Nic Ekin, lender relations manager at Pink commented: “This tracker offers an excellent deal for the buy-to-let investor, not only offering a competitive rate for the life of the loan, but also taking advantage of the competitive rental calculation at the pay rate of the mortgage.”
Lee Grandin, managing director, Landlord Mortgages, said: "Just when you think that BM Solutions have delivered the best that they can, they come back with another fantastic product and who delivers it best? Pink of course."
Summary
*Underlying pay rate: BBR + 0.39 per cent
*Net broker commission 0.50 per cent, min £150, max £4,500 - online applications only
*Arrangement fee 1.5 per cent of the loan – can be added to the loan
*Maximum loan £1,000,000 per property
*Minimum loan £25,001
*Number of properties – 10 per portfolio, total borrowing of £2.5 million up to 75 per cent LTV, £1 million up to 85 per cent LTV
*Rental calculation – monthly rental must cover 125 per cent of the monthly mortgage payments calculated on an interest only basis at BBR + 0.39 per cent
*Income multiples – refer to Pink’s website
*Direct online submission only
Other
*Early Repayment Charges - 5 per cent of the capital amount for 3 years
*Higher Lending Charge – N/A
