Pink Home Loans | Product Specification Page 1 of 2
THIS INFORMATION IS FOR THE USE OF PROFESSIONAL INTERMEDIARIES ONLY. IT IS NOT INTENDED AS AN
ADVERTISEMENT COMPLYING WITH THE CONSUMER CREDIT ACT OR AS A FINANCIAL PROMOTION UNDER FSA RULES. IT
MUST NOT BE GIVEN TO MEMBERS OF THE PUBLIC.
N387R - 2 Year Fixed Fees Assisted Remortgage product
Product Rate: 4.19
Bank Base Rate (BBR) 0.50%
Standard Variable Rate (SVR) 4.24%
Product Rate 4.19%
Product description 2 year fixed at 4.19% until 02/06/2013. Free valuation (up to max
property value of £2.5 million) and standard legal work paid (using
lenders own conveyancer)
Net commission 0.30%
Gross commission received 0.37% for Pink Group ARs and 0.35% for Directly Authorised brokers
Early repayment charge 3% of the outstanding balance if redeemed before 02/06/2013 plus
legal fees benefit (up to a maximum of £200) if redeemed before
A capital amount of up to 10% of the balance outstanding can be
repaid per annum without incurring a charge
Underlying rate SVR
Interest calculated Calculated daily and charged monthly
Submission Route Direct submission only
Fees Free valuation but Booking Fee payable
Valuation fee scale Free valuation up to a maximum propety value of £2.5 million
Mortgage Account fee £225, payable on completion of the mortgage. The fee can be deferred until
the end of the mortgage.
Booking fee £995
Higher Lending Charge Not applicable
Minimum loan £6,000
Maximum loan £550,000
Loan to value 80%
Minimum income £N/A
Income multiples Dependent upon credit score and affordability
1st time buyers N/A Remortgage only
Maximum term Investment linked/repayment - 35 years, if pension linked 57 years, dependent
upon the end date of the pension. Maximum term for pure interest only is 25
Min age 18
Max age 75 at the end of the mortgage term
Pension provision requirements Lender requires evidence of both current & retirement income where:
a) the applicant is within 5 years of the intended retirement age
b) the mortgage term extends beyond the applicant's 70th birthday and
he/she is currently aged over 55
c) the mortgage term extends beyond the applicant's 75th birthday and
he/she is currently aged 55 or younger
Adverse credit - arrears Any mortgage arrears within the previous 12 months are not acceptable
Pink Home Loans | Product Specification Page 2 of 2
Repayment vehicle requirements All lending in excess of 75% LTV must be on a capital and interest basis.
Interest only above 75% LTV is not acceptable.
Remortgage purpose The loan is not to be used for business purposes
Notes Not available for self-build mortgages, business customers, homebuyer
scheme, buy to let and DSS mortgage benefit. Shared Ownership and
remortgage in pre-emption applications considered.
Completion deadline of 29th. July, 2011.
For customers wishing to change to another product after their application has
been agreed and the survey has been instructed a Product Change fee of £199
will be payable.
Supporting documentation N.B. All documents submitted to the lender must be original -
certified copies are not acceptable
Identification Three years address history required. A Confirmation of Verification of Identity
certificate must be completed and should meet the standard requirements set
out within the guidance for the UK financial sector. Abbey reserves the right to
ask for additional customer information including identity evidence, where it
PAYE Latest monthly payslip
Self employed Latest two years signed accounts or self assessment returns and tax
calculation forms or an accountant's letter
Interpink product code
Product start date 25/03/2011
Your home may be repossessed if you do not keep up repayments on your mortgage.
All loans subject to status.
A Buy to Let mortgage is not regulated by the Financial Services Authority, unless the tenant is a member of the
borrower's immediate family, or the borrower intends to occupy the property at some stage
Product last updated : 24/03/2011 09:38:05