The new products have been launched on the back of a £6 million marketing push for the remainder of this year and £15 million for 2005. The lender hopes to appeal to brokers by paying them procuration fees if their client decides to stay with the lender at the end of the mortgage term.
The new products include two, three and five-year trackers all priced at 4.75 per cent. It has also launched a two-year fix at 4.94 per cent and a five-year fix at 5.25 per cent.
Louis Kaszczak, head of national partnerships at First Active, said: “We decided that it was important that we increased our brand recognition both with intermediaries and customers.
“Certainly if a client is faced with the decision between two very similar products then brand awareness will play a crucial role in helping them make up their mind.”
Tony Corrigan, managing director of Manchester-based Classic Network Solutions, said: “It is good to see a lender acting in a pro-active manner despite all the stress caused by regulation. It will be interesting to see how they do now they are putting themselves up against the big boys.”
He went on to say that the new product range appeared to be competitive when compared with other lenders.
First Active assured brokers it would have its online KFI up and running from ‘Mortgage Day.’
· First Active are sponsoring this year’s Mortgage Business Expo 2004 taking place on 17 and 18 November at Earls Court, London.
