New sub-prime rates from Pink

Pink Home Loans has introduced two new adverse rates, funded by Amber Homeloans, to its wide range of sub-prime products.

A full status rate of 5.95% and a self-cert rate of 6.45% are both fixeduntil 31/10/04.

Tony Jones, managing director at Pink Home Loans, says: “Pink is keen to be a leading figure in the sub-prime arena offering an extensive selection of sub-prime products funded by the top lenders in the field.”

Gordon Jolly, managing director of Amber Homeloans Limited, says: “Following the successful launch of the LIBOR Discount mortgages in April, we are pleased to be able to increase the discount offered on new applications, whilst at the same time reduce the rates on the two fixed rate products. This range of loans continues to provide brokers with an excellent opportunity to help clients who have had credit difficulties in the past.”

The product caters for those with arrears made up of 3 missed payments in the last year with only one missed in the last 6 months, and CCJs totalling no more than £10,000. It is accessed exclusively through Pink Home Loans via direct and packaged submission routes.

Pink Home Loans offers the facility of paying broker commission within 24 hours of legal completion if an express payment request form is completed and customers can also benefit from having broker commission paid directly into their bank account via BACS.

Key product details:

Fixed rate: 5.95% – full status, 6.45% – self-cert

Fixed term: Until 31/10/04

Minimum loan: £25,001

Maximum loan: £500,000 up to 75% LTV

Maximum loan to value: Up to 85% LTV to £400,000

Income multiples: 2nd time buyers & remortgages: 3.5 + 1 or 2.75 x joint

First-time buyers: 3.25 + 1 or 2.5 x joint (full status only)

Arrangement fee: £395

Redemption fee: 5% in year 1, 4% in year 2 and 3% in year 3

Introducer&#39s fee: 1%

Contact: Visit Pink online at www.pink.uk.net for more information