The product offers a rate of 6.35 per cent until 31 August 2009 and a rental pay rate calculation of 100 per cent.
There is no higher lending charge and the arrangement fee is £999 and can be added to the loan. The product is available to Pink’s Appointed Representative and Directly Authorised customers, on a direct submission basis.
David Copland, deputy managing director at Pink Home Loans, commented: “Fixed rates are still a popular option in the buy-to-let market due to increasing interest rates. This product will also be a sound choice for intermediaries and their customers with the 100 per cent rental pay rate calculation and the fact that the arrangement fee is £999 and not a percentage of the loan. Both of these aspects, together with the competitive rate, make this an attractive proposition for the buy-to-let investor.”
Martin Reynolds, director of corporate accounts at edeus, added: “By listening to feedback and working closely with one of our key distributors we have developed an excellent buy-to-let exclusive. I would expect this product to be extremely popular for landlords looking to manage their budgets.”
