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Pink takes bow on buy-to-let stage

Pink Home Loans has introduced a four-year fixed rate buy-to-let mortgage that is available for loans of up to 85 per cent of valuation.

The mortgage is fixed at 6.99 per cent until September 30, 2005 and allows up to five properties to be purchased within a total advance of £500,000. If borrowers redeem the mortgage during the fixed-rate period, they must pay a penalty of 6 per cent in year one, 5 per cent in years two and three and 4 per cent in year four.

According to Business Moneyfacts on August 8, 2001, this is the only four-year fixed rate buy-to-let mortgage of its type. However, borrowers can get a more competitive fixed rate for five years with Bristol & West. It offers a fixed rate of 6.55 per cent until October 31, 2006 for loans of up to 85 per cent of valuation.

Like Pink Home Loans, this mortgage allows a maximum of five properties to be bought within a total advance of £500,000 and borrowers who redeem the mortgage during the fixed rate period must pay a penalty. This amounts to 7 per cent of the sum repaid in year one, 6 per cent in years two and three and 5 per cent in years four and five.

Some borrowers may prefer Bristol & West because it offers a more competitive rate for one year longer than Pink Home Loans. However, other borrowers may prefer Pink Home Loans because the early redemption penalty is lower during the fixed rate period.


Parsoli adds an Islamic option for Muslim investors

Muslim financial specialists Parsoli UK has introduced the Parsoli global Islamic equity fund.The fund is an open-ended investment company and has been aimed at Muslim investors in the UK and Europe who are looking for a financial product that complies with Shari’ah.Shari’ah means to be compliant with both Islamic law and the Koran, and as […]

Aussie Challenger to buy IFAs if polarisation goes

Challenger, the Australian owner of UK Tep market-maker Neville James, isto snap up IFAs if polarisation rules are relaxed. It would buy IFA firms and networks and has not ruled out multi-tying. Thecompany has been following an acquisition strategy, buying Neville Jamesfor £6m in April. It owns a national advisory business with 50 officesin the […]

Britannia follows base rate cut with 5.14% fixed deal

Britannia, the UK&#39s second-biggest building society, is offering a newfixed-rate mortgage for first-time buyers and remortgages. The loan is fixed at 5.14 per cent for two years up to 75 per cent loan tovalue and at 5.34 per cent up to 95 per cent LTV. After the fixed period, the loan reverts to Britannia&#39s variable […]

Companies face £2.5bn in stakeholder fines says Virgin Direct

Scottish Widows Investment Partnership is relocating its find management function to new head quarters.Swip says the move puts the finishing touches to its year long programme of enhancing and rebuilding its fund management business which include creating an environment to encourage and stimulate its partnership with Scottish Widows Group.


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