The two-year deal is funded by BM Solutions and offers a 0.16 per cent discount off Bank Base Rate (BBR) for two years with a headline rate of 4.84 per cent. Additional benefits include a £250 cashback and a refund of standard valuation fee (max £490).
The product has a fixed arrangement fee of £799, which can be added to the loan and is available for remortgages only. Applications must be submitted online direct to the lender. 85 per cent loan-to-value is available, with a maximum loan of £1 million.
Neil Hoare, marketing manager at Pink Home Loans, commented: “This product is ideal for BTL investors wanting to remortgage to a competitive deal with the added benefit of a funded valuation and money towards legal fees.
“The fixed arrangement fee is a great feature for clients with larger loan sizes, as similar products often offer arrangement fees which are a percentage of the loan, therefore costing the investor more.”
Iain Williamson, head of key accounts at BM Solutions, added: “With the BTL market going strong I am sure this will prove a popular product with brokers and their clients.”
Peter O’Donovan, IFA at Bestinvest, believed the product had some attractive features which would appeal to mortgage intermediaries.
He said: “The rate is low, which is obviously good. BM also generally has good rental calculations, which, along with the other features, makes this a competitive product.”
