The product available for self-certification to 90 per cent LTV to a maximum loan of £350,000; 80 per cent LTV to £500,000; and 75 per cent LTV to £1 million. It tracks Bank of England Base Rate at + 0.89 per cent for two years (currently a pay rate of 5.89 per cent) and then at +1.99 per cent for life. It is available for purchase and remortgage with a maximum loan term of 40 years. Early repayment charges of 6 per cent apply in year one and 5 per cent apply in year two, and an arrangement fee of £799 is payable.
This BM Solutions two-year tracker is available to brokers that deal online direct with BM. It is not available on BM’s core range and, if they select it, brokers must submit applications through a PMPA member list that is displayed on the BM Solutions screen.
Helen Hymos, lender relationship manager for PMPA, said: "We are delighted to be able to offer this competitive exclusive product via BM Solutions for those intermediaries that like to deal directly with the lender. It shows that PMPA can provide distribution to its lender partners via different channels. At 90 per cent LTV self-certification the rate is very attractive and we are delighted that PMPA has been given this new opportunity."
Iain Williamson, head of key accounts at BM Solutions, said: "This is an excellent deal for PMPA members. We look forward to offering the product with our five star service."
