The first, a self cert product with a pay rate of 5.36 per cent (1.39 per cent discount for two years), offers a free standard valuation and free standard legal fees, using the lender’s solicitor, for remortgage deals. The arrangement fee is £599 and can be added to the loan.
The second is a buy-to-let (BTL) deal and is available for remortgage purposes only. It has a payment rate of 5.49 per cent (1.01 per cent discount for three years) and also offers a free standard valuation along with free standard remortgage legal fees using the lender’s solicitor. The arrangement fee is £599 and can be added to the loan.
Both of the products are available using Pinks packaging facility or by going direct to Mortgage Express.
David Copland, sales & marketing director at Pink Home Loans, commented: “The self-cert deal is attractive in its own right but when used in a remortgage situation and taking advantage of the assistance with fees it becomes highly a competitive product. The fact that there are no upfront costs with the buy to let product makes it an excellent choice for those landlords who may want to remortgage, but have their capital tied up elsewhere.”
Adrian Scott, director of distribution at Mortgage Express, said: “We have an excellent relationship with Pink, and these deals demonstrate our ongoing commitment to working with our business partners to provide them with the best possible products and service.”
Pink has also launched an exclusive two-year BTL discounted product in association with BM Solutions.
This exclusive product has a headline rate of 4.69 per cent (Bank Base Rate (BBR) minus 0.06 per cent) and offers a refund on a basic valuation along with a £250 cashback and a generous rental calculation. A fee of £999 will be charged and can be added onto the loan. The product is available through Pinks Mortgage Club and therefore submitted direct to the lender.
Copland added: “We are delighted to be able to offer this exclusive product to our intermediaries. The highly competitive rate and refund of valuation will no doubt make this a very popular choice for those customers looking to remortgage their BTL properties.”
Nick Triniman, managing director of the Mortgage Marketplace, said: “It is refreshing to see a BTL product with a pay rate of under 5 per cent without an arrangement fee in excess of 1 per cent. The cashback feature and refund of the valuation means that this is an easy product to sell. Couple this with BM Solutions flexible underwriting and quick turnaround times it makes for a very profitable product.”
