The products offer initial rates of 5.49 per cent and 5.70 per cent for three years and revert to Bank Base Rate plus 1.99 per cent for the life of the loan. The 5.49 per cent rate has an arrangement fee of 0.99 per cent of the loan and the 5.70 per cent rate offers an arrangement fee of £599. Both products have no early repayment overhang.
The LTV banding means that both products are available at 90 per cent LTV up to £350,000, 80 per cent up to £500,000 and 75 per cent up to £1 million. The net broker commission is 0.45 per cent with a minimum of £150 and a maximum of £4,500 for online applications only.
Tony Jones, managing director of Pink Home Loans, said: “It is fantastic news that BM Solutions has increased the LTV banding for self-cert applications up to 90 per cent. With its fast online service, intermediaries will be able to offer their clients more choice in this specialist area.”
Tom O’Neil, chief operating officer at Fuel Investments, said: “BM Solutions is in the driving seat of innovative product design and through this offering it continues to keep its finger on the pulse of the industry.”
James Cotton, mortgage specialist at London & Country, commented: “Until recently, finding a decent self-cert at 90 per cent LTV was not easy but now brokers and borrowers have a pretty wide choice. As well as these new BM and Pink offerings, there are decent deals from the likes of Mortgage Express, Platform and Bristol & West, among others
