The On-Track range is designed to get borrowers back to a prime rate and covers light to heavy adverse. Opening rates start from 5.94% and will reduce by 0.10% every six months, subject to payments being made, until the lifetime tracker rate of BBR + 0.84% (Full status) or BBR + 1.14% (Self cert) are reached.
Freedom products also include free legal fees for remortgages, making the Pink On-Track range fantastic value for borrowers striving to achieve a prime rate.
Dev Malle, sales director at Pink Home Loans comments: “This product offers another option to intermediaries who want to get their clients back on track. The rates are competitive and the pay rate will gradually reduce to a prime rate subject to payments being made. Individuals who are currently looking to remortgage will also benefit from free legal fees. This is a genuine credit repair product”.
Mark Elden, Freedom product manager comments: “The On-Track range offers unbeatable value on a true cost basis and is ideal for borrowers who have had a credit problem, but are now working back towards a prime rate. Whilst virtually all sub prime products revert to a high underlying rate, even where the account has been well conducted, On-Track does the opposite, reverting to a very competitive lifetime tracker rate.”
Summary
- Underlying pay rate – BBR + loadings (for full details visit www.pink.uk.net)
- Initial pay rates – from 5.94% (Product OT1 full status up to 90% BBR + 1.44% loading)
- Incentive – Free legal fees (for standard legal work only) available on all remortgages in England and Wales using Freedom Lending’s conveyancer
- Early Repayment Charges – products OT1 to OT6, – 5% of the amount repaid in year 1, 4% in year 2, 3% in year 3, thereafter 1 months notice or 1% of amount repaid. Products OT7 to OT10 – 5% of the amount repaid in year 1, 4% in year 2, 3% in year 3, 2% in year 4, thereafter 1 months notice or 1% of amount repaid
- Net broker commission 0.6% (OT1 & OT2) and 1% (OT3 to 0T10)
- Interest calculated – Daily
- Arrangement fee - £599
- Packaged submission only
- Higher Lending charge – from 75% LTV at a rate of 3% - added to the advance
