The first is a full status three-year fixed rate. The initial rate is 6.10 per cent with an underlying rate of 6.62 per cent (LIBOR plus 1.75 per cent). The maximum LTV is 85 per cent; £250,000 for purchase and £150,000 for remortgage, and the £499 arrangement fee can be added to the loan.
Early repayment charges apply at 6 per cent of the amount repaid to 1 October 2008, thereafter one month’s notice or 1 per cent of the amount repaid.
The second is a self-certification three-year fixed rate. The initial pay rate stands at 6.40 per cent with an underlying rate of 7.12 per cent (LIBOR plus 2.25 per cent). Maximum LTV is 85 per cent.
On both, the minimum loan is £25,001 and there must be no CCJs in the past three months or mortgage arrears in the past year. There is free standard valuation for properties up to £400,000 and 0.25 per cent cashback on completion.
Dev Malle, director of sales at Pink Home Loans, said: “Platform is currently very successful on its three-year fixed deals. We have the express completion service for £125. As a package, these are market-leading RTB deals and we expect high intermediary demand.”
Rod Murdison, proprietor of Murdison & Browning, commented: “It is cleverly targeted but I never understand lenders who ‘on paper’ have the lowest ranked interest rate, only to discover if you add in their huge fees, the lender falls from first to tenth position.”
