The product is available to brokers only through PMPA member packager-distributors. Available across Freedom Lending’s self-certification schemes, including let-to-buy self certification, the tracker rates are Bank Base Rate plus 0.19% to 85% loan-to-value (LTV) (currently 5.44%) and Bank Base Rate plus 0.49% to 90% LTV (currently 5.74%).
There is no higher lending charge and a completion fee of £1,495 applies. Early repayment charges are 5% of the amount repaid during the first three years and one month’s notice or 1% of the amount repaid thereafter.
PMPA’s lender relationship manager, Helen Hymos, commented: “We are delighted to be offering such an excellent product, which has some of the best three-year self-cert rates available in the market. Some lenders are finding it hard to price fixed rates competitively at the moment and, because swaps are varying so much, fixed rate exclusives sometimes have a shorter shelf life. Most self-cert fixed rates are also currently well over 6%. Against this background, these trackers from Freedom Lending are very attractive especially at 90% LTV. This exclusive product from Freedom lending once again underlines PMPA’s commitment to collaborate with leading lenders to offer brokers market leading products via our member firms.”
Robert Barnard, head of sales from Freedom Lending, said: “Since joining PMPA’s lender panel, Freedom Lending has built a strong relationship with the association. PMPA’s distribution power is extensive and its members are respected for their high service standards, which makes it possible to design keenly priced, exclusive products to achieve all round business benefits. Freedom is committed to its strategy of packager distribution and we hope to continue our mutually beneficial partnership with PMPA for a long time to come.”
