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QYX BBR + 2.69% spells Pink

PINK HOME LOANS

BM Solutions QYX BBR + 2.69%

Type:
Adverse credit base rate tracker mortgage

Tracker term:
Two years

Tracker rate:
2.69% above Bank of England base rate

Payable rate:
7.19%

Minimum loan: £2,001

Maximum loan:
Up to 95% of valuation subject to a maximum of £150,000,
up to 90% of valuation subject to a maximum of £250,000,
up to 85% of valuation subject to a maximum of £350,000,
up to 80% of valuation subject to a maximum of £500,000

Income multiples:
Up to 3.5 times principal income plus second or three times joint

Conditions:
Maximum £2,000 in CCJs but none in last 12 months, maximum two months&#39 arrears, bankruptcy discharged for at least two years, IVAs satisfied for at least 12 months

Arrangement fee:
£449

Redemption fee:
5% of amount repaid in year one,
4% in year two

Introducer&#39s fee:
Online applications 1% of original loan,
paper applications 0.5%

Tel: 08707 590170

BM Solutions QYX BBR + 2.69% from Pink Home Loans is an adverse credit tracker mortgage set at 2.69 per cent above the Bank of England base rate for two years.

Park Row Independent Mortgages managing director Kevin Paterson says: ” Unlike many products aimed at the minor adverse market, this product has no overhang which is attractive to advisers. However, the rate is still punitive at 7.19 per cent and there is a hefty lender fee of £449.”

Paterson likes the introducer&#39s fee, particularly the 1 per cent payable via online submissions. But when asked what he does not like about the product he highlights the interest rate and the fees associated with the mortgage. Future Mortgages&#39 two- year discount at 5.99 per cent is considered by Paterson to be the main competitor to this mortgage.

BROKER RATINGS:

Suitability to market Average
Competitiveness of mortgage rate: Average
Flexibility: Average
Adviser remuneration: Average

Overall 7/10

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