The deal has a pay rate of 5.44 per cent, set at Bank Base Rate plus 0.19 per cent until 1 June 2009. It is available up to 90 per cent loan-to-value (LTV), with no arrangement fee or higher lending charges.
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There are free legals and a refund of the valuation, and early repayment charges (ERCs) of 4 per cent of the original balance for the term of rate apply. The product is available by direct submission.
David Copland, deputy managing director of Pink, said: “We are delighted to be able to offer this product to our customers. We have worked closely with IF to develop a product that has both a competitive rate along with exciting incentives, and our customers will be happy with the results.”
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Cammy Amaira, sales director for Intelligent Finance, commented: “This is a terrific deal and we are delighted to be offering it through Pink.”
Louise Cuming, head of mortgages for moneysupermarket.com, said: “A lot of mystique surrounds offset. Anything that encourages people into it should be welcomed. Research suggests offset would be suitable for 20 per cent of the population, but we’re struggling to see half that. However, this product would be a lot more attractive if it didn’t have ERCs.”
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