This is available exclusively through its member firms. The Preferred two-year fixed rates start from 5.14% and the three-year fixed rates start from 5.59%. Early repayment charges of 6% of the outstanding mortgage balance apply throughout the fixed rate periods and beyond that are 1% or one month’s written notice.
Helen Hymos, lender relationship manager at PMPA, commented: “Preferred is a popular lender for niches, especially on property types, but these really keen rates make them popular for all non-conforming business. With rates having gone up recently, fixed rate products will be in demand and customers will be looking for added benefits on their mortgage deal as they start to experience higher repayments on their unsecured lending. The £350 cash back, available only though PMPA member packagers, is paid directly to customers on completion, and should prove to be a very attractive feature that brokers can market and sell with great success.”
PMPA member packagers are: Countrywide Mortgage Centre, Niche Mortgage Solutions, ATOM, BDS, Complete, Finance and Mortgage Solutions, The GHL Group, KGB Packaging, Knight Funding, Open Door Solutions, OPM, Premier Mortgage Centre, Premier Mortgage Packagers and Primrose Mortgage Processing.
