The product can provide funds of up to £500,000 per investment property, for either a new purchase or a remortgage, up to 75% loan to value.
Katy Jenkins, press officer at Pink Home Loans, comments: “A key feature of the product is that the rental income is calculated at the product rate (5.39 per cent). The latest Pink 1000 Index results show that the majority of intermediaries, 83 per cent, put rental income calculated at a low pay rate as the most important feature they look for when choosing a buy-to-let product.”
Product summary
- Initial pay rate of 5.39% fixed to 30/04/07
- Early repayment charges: 6% until 30/04/07
- Net broker commission: 0.5%
- Arrangement fee: £499
- Maximum loan to value (LTV): 85% up £350,000
- Maximum loan: £500,000 up to 75% LTV
- Available for purchases and remortgages
- Maximum of 10 properties up to £1 million portfolio limit
- Rental yield: gross annual rental income must cover 125% of the annual mortgage interest payment calculated at the product rate
- Available via packaged submission only
- 24 hour payment of broker commission available
For more information visit the Pink Home Loans website at www.pink.uk.net or call 08707 590136.
