The product, which is available via Pinks packaged route, offers a range of fixed and discounted rates and lends up to 100% loan-to-value (LTV) for first-time buyers. It has a free valuation and the amount of the loan is based on affordability not income multiples.
David Copland, deputy managing director of Pink Home Loans, said: “This product is perfect for those customers looking to get a step on the property ladder but who may have had some financial problems in the past, or have not got a sufficient credit record to qualify for top price lending products. The fact that there is a free valuation means that up front costs are kept to a minimum for the client, and the affordability module is one of the most generous in the marketplace.”
Colin Davison, national account manager, commented: “With increasing interest rates and rising property prices, more and more first-time buyers are finding it harder to get on the property ladder. As lenders, it is important that we continue to develop innovative ways of helping first-time buyers take that much desired step onto the housing ladder, whilst ensuring they provided with affordable and tailored products.”
