A discount of 0.99% applies for 2 years and gives an initial pay rate of 4.76% up to 85% loan to value.
David Copland, sales and marketing director at Pink Home Loans comments: “The Buy to let market is currently a major talking point within the industry and there has been some speculation as to whether the bubble is about to burst. However we feel that there is still a demand for this type of mortgage, which is why we are joining forces with Mortgage Express to launch this exclusive product. As always we recommend that buyers investigate the market fully before committing themselves to what should be seen as a long term investment.”
Roger Hillier Product Development Manager at Mortgage Express comments
''In addition, to this great offer you can use the ‘choices’ flexible feature to overpay up to double the monthly payment even during the fixed or discounted period. The overpayment can be used to take a payment holiday at later stage, useful; if perhaps the property remains empty for a month or two in between lets and therefore no rental income is being received.''
Key product details:
Rate: 4.76% (0.99% discount) - Underlying rate is bank base rate (currently 4.00%) plus 1.75%
Term: 2 years
Minimum loan: £50,000
Maximum loan: £1 million up to 60% LTV
Maximum loan to value: 85% up to £300,000
Rental Yield: Gross rental income must exceed 130% of the monthly mortgage payment calculated on an interest only basis
Arrangement fee: £399
Redemption Penalty: 6 months interest at the underlying rate for 3 years
Conditions: Available via direct and packaged submission routes
Other: Any number of properties subject to a maximum portfolio with Mortgage Express of £2 million
Introducer’s fee: 0.50% (no maximum)
Contact: Visit Pink online at www.pink.uk.net for more information
Pink Home Loans, based in Lichfield, Staffordshire, is one of the UK’s leading mortgage distribution and packaging companies and is part of the Skipton group of companies.
Pink Home Loans has two lending panels offering its members a choice of direct lender access or packaging facilities in addition to a range of insurance products.
Industry leading services include a first class mortgage desk, easy to use website with comprehensive case tracking facilities and broker commission paid via BACS within 24-hours of legal completion.
