The stepped fixed product offers an initial rate of 3.75% fixed to 01/09/04 followed by 4.75% fixed to 01/09/05, which then reverts to Bank base rate plus 1.95%.
David Copland, sales and marketing director comments: “Platform has traditionally been known in the industry as a sub-prime specialist but following the recent merger with Verso, it now offers a competitive range of self-cert products via Pink Home Loans, both in terms of headline rates and broker commissions.”
“This particular product has a competitive headline rate of 3.75% for one year, followed by 4.75% until 04/09/05. It is aimed at those borrowers wishing to self-cert their income and in certain cases, no verification checks will be made.”
Guy Batchelor, sales and marketing director at Platform comments: “An initial rate of 3.75% is one of the lowest in the market at 85% LTV for self-certification. Once again, we are pleased to offer such competitive products via Pink Home Loans and look forward to continuing this in the future.”
Key product details:
Rate: 3.75% fixed to 01/09/04 then 4.75% fixed to 01/09/05
Underlying rate is Bank base rate plus 1.95%
Minimum loan: £25,001
Maximum loan: £500,000 up to 75% LTV
Maximum loan to value: 85% up to £300,000
Income multiples: 3.5 times principal plus second, 3 times joint
Arrangement fee: £395 (added to loan on completion)
Redemption fee: 5% of amount redeemed for 2 years. Thereafter, 1 month’s notice or 1% of the amount redeemed
Conditions: Available via direct and packaged submission routes
Introducer’s fee: 0.6% (min £250, max £2,500)
Contact: Visit Pink online at www.pink.uk.net for more information
Pink Home Loans, based in Lichfield, Staffordshire, is one of the UK’s leading mortgage distribution and packaging companies and is part of the Skipton group of companies.
Pink Home Loans has two lending panels offering its members a choice of direct lender access or packaging facilities in addition to a range of insurance products.
Industry leading services include a first class mortgage desk, easy to use website with comprehensive case tracking facilities and broker commission paid via BACS within 24-hours of legal completion.
