Self-cert fixed rate offered by PMPA

With limited distribution offered via The Mortgage Business (TMB), the product is available at a rate of 5.44 per cent as part of TMB’s Self 85 range. This allows self-cert applicants to apply for a maximum loan-to-value (LTV) of 85 per cent, which reverts to TMB’s standard variable rate at the end of the term.

Early repayment charges of 6 per cent apply up to 31 August 2008 and 5 per cent apply to 31 August 2009. There is no higher lending charge and an arrangement fee of 0.90 per cent is payable.

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Helen Hymos, PMPA’s lender relationship manager, said: “As two-year swap rates continue to rise, we are pleased to be able to offer this self-cert product to the marketplace, enhancing our special relationship with TMB. My advice to all intermediaries would be to speak quickly to a PMPA member to reserve your funds. For those clients requiring 90 per cent LTV self-cert, we still have fixed rates available among our suite of exclusive TMB products.”

Nigel Payne, managing director of TMB commented, “It’s a central theme for TMB and the foundation of our entire proposition to support our key business partners with product and service excellence. We’re delighted to offer these rates to PMPA members.”

Mike Pendergast, IFA at Zen Financial Services, said: “It is a competitive package as deals with rates such as this normally have huge arrangement fees. This is good for the higher borrower.”

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