The Feather Adverse range offers a rate discounted by 1.75%.
This product offers initial pay rates from 4.75% discounted until 30 April 2009, with no overhang and available to both full status and self-cert applications.
Tony Jones, Managing Director at Pink Home Loans commented; “This is a fantastic deal that offers market-leading rates from 4.75% and is a good example of the way companies within the Skipton Building Society Group work together to provide competitive products and quality service solutions for our customers.”
Peter Mahoney, Senior Mortgage Consultant at Resident Broker Ltd said; “The initial pay rate of 4.75% is very attractive for a near prime product. The 1.75% discount until 30 April 2009 offers the client stability and has the added benefit of no overhang. The 1% arrangement fee is not unusual for this type of product and in a number of cases looking at the true cost of the mortgage could benefit individuals compared to products offering a higher initial pay rate.”
Gordon Jolly, Managing Director at Amber Homeloans Ltd comments; “We are extremely pleased to partner Pink with the launch of this new Feather product range which marks the start of what we hope will be a number of exclusive products for Pink."
Summary
- Underlying rate – Full status BBR + 2% Self Cert BBR + 2.20%
- Early repayment charge 5% of the balance until 30.04.2009
- Interest calculated daily
- Maximum Loan to value – 75% LTV for loans up to £500,000, 85% LTV for loans up to £400,000, 90% LTV for loans up to £300,000
- First time buyers maximum loan is £200,000
- Arrangement fee – 1% debited to the mortgage account on completion
- Higher Lending Charge – Charged on all loans over 85% LTV and calculated at a rate of 7% on the amount of the loan above 75% LTV. Fee is debited to the mortgage account on completion.
- Minimum valuation - £60,000
- Gross commission 0.65%
Net commission 0.55%
