The three-year fix is available across three loan-to-value (LTV) bands up to 90 per cent, with rates starting at 5.99 per cent. It has a free valuation and the arrangement fee of £999 can be added to the loan.
Neil Hoare, marketing manager at Pink, said: “The BTL market is becoming increasingly competitive and this product offers unusual features which will make it a popular choice with landlords.”
Richard Beardshaw, head of sales at Platform, added: “We are delighted to be working in partnership with Pink once again to bring this exclusive product to market. We are confident that the competitive attributes of this product, together with the added security of a fixed rate offering, will prove extremely popular with its database of intermediaries.”
Other details include a rental cover of 110 per cent, and an early repayment charge of 5 per cent of the amount repaid until July 2010, thereafter 1 per cent or one month’s notice. There is no higher lending charge.
David Sheppard, director at Principia Mortgages, commented: “In terms of 90 per cent, this will work in a lot of cases, except for certain areas in London. The fact there is no overhang is good – this should be a good mortgage product for the market.”
