PMPA announces B&W products
The products are available through a limited number of distributors, including PMPA member packagers.
The first buy to let product has a rate of bank base rate, plus 0.35% (currently 4.85%) to 31 May 2009. The rental calculation is 5.70% x 115% and the maximum LTV is 85%. The second buy to let product is fixed at 4.99% to 31 May 2009. The rental calculation is 4.99% x 115% and the maximum LTV is 85%. On both these products there is an arrangement fee of 1.5% that can be added to the loan over and above the maximum LTV.
The suite contains four self certification products for purchase and remortgage, where no checks are made to verify borrowers’ income. The first is at B&W’s SVR (currently 6.59%) less 1.70%, currently a pay rate of 4.89%, to 31 May 2008, with a maximum LTV of 75% The second is at B&W’s SVR less 1.44%, currently a pay rate of 5.15%, to 31 May 2008, with a maximum LTV of 85%.
The other two self certification options both come with a £500 cash back. The first is at B&W’s SVR less 1.50%, currently a pay rate of 5.09%, to 31 May 2008, with a maximum LTV of 75%, and the final product in the suite is at B&W’s SVR less 1.24%, currently a pay rate of 5.35%, to 31 May 2008 with a maximum LTV of 85%. The arrangement fee for all four self certification products is £499.
Jon O’Brien, PMPA’s director of operations, said: “Once again, PMPA has, via its lender relationship manager Helen Hymos, been able to negotiate some highly attractive and competitive mortgage products for its members. We are confident that our distribution strength will provide a valuable competitive edge for our members, their brokers, and to Bristol & West. We are constantly in product talks with our panel lenders, so watch out for ongoing announcements of new exclusives and semi exclusives from PMPA packager members in future.”