Financial Services Industry
Industry: Email Alert RSS FeedPink enters sub prime market with tracker.
Financial Adviser, June, 2004
PINK Home Loans has launched a sub-prime mortgage tracking the Bank of England base rate for two years.
The product is available at base rate plus 2.69 percentage points and is offered up to 95 per cent loan-to-value for loans up to a maximum of AGBP150,000 and 80 per cent LTV for loans up to AGBP500,000.
A maximum of AGBP2000 CCJs are allowed within the last 12 months and borrowers with no more than two months' arrears can be considered.
Early repayment charges apply during the two-year tracker period, starting at 5 per cent in the first year and stepping down to 4 per cent in the second year, with no overhang.
Mark Osland, director of Fidelius Limited in Croydon, Surrey, said it was encouraging to see a sub-prime deal offered up to...
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