The product is discounted by 1.16% for three years and has an early repayment charge of 3% of the amount repaid for the discount period. After the discounted period, the product will revert to bank base rate plus 2%.
The product is available for employed and self-employed clients up to 90% loan to value. Applications can be made for both purchase and remortgage applications and the product offers flexible features including overpayments and underpayments.
Nic Ekin, product manager at Pink Home Loans, says:”This product would be particularly suitable for the borrower who receives seasonal income or bonuses and is looking for greater control over their mortgage finances.
“No higher lending charge is applied to the loan, reducing the up-front costs and this, in addition to the transparency of the product rate, constitutes an attractive proposition for the self-cert customer.”