This agreement comes as part of First National's programme to develop branded lending associations.
This announcement is part of First National and The Mortgage Times Group ongoing commitment to working together. This development strengthens the existing relationship between the two companies. Since December 2004, an onsite underwriter from First National has been supporting TMT at its central London offices.
Through this branded relationship First National says it can offer high-quality products specifically tailored to suit the specific and individual needs of both The Mortgage Times Group and its customers. It adds that the semi-exclusive products provide The Mortgage Times Group with an innovative and competitive offering, in turn supplying greater customer choice and driving increasing revenues.
Richard Stokes, Head of Product Development, The Mortgage Times Group, said; "We have a number of branded lending relationships in place, and this latest initiative with First National will again provide the platform for our service proposition to shine through as we have control of the process post offer. Importantly, the facility also encompasses an enhanced product offering: with sharper initial pay-rates, and two and three year fixed rates without extended early repayment charges. We believe First National's approach to adverse to be distinctive, assessing suitability on the number of times an applicant has acquired a CCJ rather than the amounts involved, and we particularly like its Ultralight adverse criteria band which offers an excellent rate for applicants who can clear their arrears prior to application."
James Connor, head of channel development, GE Home Lending, said; "We are pleased to announce this relationship with The Mortgage Times. We see branded lending as a key part of our distribution strategy and are committed to working with packagers such as TMT in order to develop our position in the marketplace."
