The exclusive product comes with a rate of 6.14 per cent fixed until 28 February 2010. The product is available via either direct submission to the lender or packaged submission through Pink and a free valuation fee is available for packaged applications only (includes £90 administration fee).
The rate is available for loans up to 85 per cent to the value of £500,000. First time buyers also have access to this rate, however loans are restricted to 85 per cent up to £300,000.
An arrangement fee of 1 per cent is payable on this product and an Early Repayment Charge of 6 per cent of the amount repaid to 28/02/09 and 5 per cent to 28/02/10 also applies.
David Copland, deputy managing director, Pink Home Loans, commented: “The self employed are a growing sector of our population, with a reported 4 million being reported in 2006, according to the National Office for Statistics.
"In addition, individuals with varying incomes are also on the increase, therefore this product, which offers a competitive rate and free valuation should prove to be an excellent package for intermediaries with clients who fit into this profile”.
Brian McDermott, national account manager from The Mortgage Business added “At TMB, we aim to listen to packagers and respond to the challenges proposed to us.
"Working closely with Pink Home Loans enables TMB to offer products that support their brokers and add value to their relationships. We are very happy to offer this exclusive self cert product in conjunction with Pink, and look forward to developing our business together in the future.”
Product details:
- Rate: 6.14 per cent fixed to 28 February 2010
- Valuation fee: Packaged applications - free valuation, including £90 administration fee. Direct submission - As per TMB's valuation fee scale
- LTV: 85 per cent up to £500,000, 80 per cent up to £800,000 and 75 per cent LTV up to £1,000,000
- Minimum loan: £25,005
- ERC: 6 per cent of the amount repaid to 28 February 09, 5 per cent to 28 February 2010
- Arrangement fee: 1 per cent of the loan
- Minimum valuation: £35,000
- Net broker fee: 0.50 per cent, max £7,500
