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Pink launches subprime tracker

Pink Home Loans has launched a new sub-prime product in association with BM Solutions that offers 95 per cent loan to value for borrowing of up to £150,000. The product tracks the base rate plus 2.69 per cent for two years, offering an initial pay rate of 6.94 per cent.

Sales and marketing director David Copland says: “This product caters for the light adverse section of the sub-prime market and as the rate tracks base rate it offers greater transparency for the borrower. It would be an ideal product for a first time buyer, for example, who has had some credit problems in the past and wants to get back on track, but is unable to provide a bigger deposit.”

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