Pink Home Loans has launched a new exclusive, fees-assisted mortgage product in association with Bristol & West Mortgages.
The product is discounted until December 31 2004 and offers an initial pay rate of 4.35%.
As a fees-assisted product, there is no valuation or arrangement fee to pay and borrowers are given £300 cashback, which can help with solicitor's costs.
David Copland, sales and marketing director, says: “This product is ideal for existing borrowers, perhaps currently on a high interest rate, looking to remortgage to a more competitive product. Borrowers are now in a position to take advantage of the current low interest rate environment and the highly competitive nature of the mortgage market to be selective and find the best deal available.”
Dominic Toller, head of marketing, Bristol & West Mortgages, says: “This product is also great for first time buyers. With the current housing boom many first time buyers are finding it increasingly difficult to get onto the property ladder. This fees assisted product enables the first time buyer to put all of their money into their mortgage to maximise their borrowing potential and not worry about finding the extra costs incurred when setting up a mortgage.”
Income multiples can be enhanced if the main applicant has a minimum gross annual income of £20,000 and has paid all credit commitments on time, to four times the principal income plus the second.
Key product details:
Rate: 4.35% – 1.6% discount
Underlying rate is standard variable rate, currently 5.95%
Term: Until 31/12/04
Minimum loan: £15,001 for purchases, £25,001 for remortgages
Maximum loan: £999,000 up to 75% LTV
Maximum loan to value: 95% up to £150,000
Income multiples: 3.5 times principal plus second, 2.75 times joint
Arrangement fee: None
Redemption fee: 5% of amount repaid until 31/12/04 plus admin and deeds release fee
Conditions: Via direct submission to the lender only
Other: Free valuation, £300 cashback
Introducer's fee: 0.65%