Preferred Mortgages has become the first lender to team up with Intelligence to provide an exclusive range of products for the networks’ members.
Key aspects of the current Prestige range include right-to-buy and buy-to-let up to 90 per cent status on the light range; rental coverage for buy-to-let from 100 per cent with income top-up available; income multiples of 4.25 plus 1 or 3.75 times joint income; and the capability to underwrite cases in-house to turn around cases in 24 hours.
Sally Laker, managing director of Mortgage Intelligence, said: “Exclusive products and fast, seamless service from our in-house underwriting team will be a defining aspect of Prestige. Looking ahead we will be working closely with other lenders to extend the product range which will allow us to be pro-active as well as to react to the needs of the intermediary marketplace at any given time.”
Shaun I’Anson, partnership lending manager of Preferred Mortgages, commented: “Preferred specialises in the non-conforming market and has a strong reputation for the flexibility of our underwriting. This is highlighted by the fact that our underwriters will be based at the Intelligence head office in Bournemouth ensuring consistency of decision-making.”
Mike Fitzgerald, sales director at Brentchase Financial Services, said: “Branded lending will develop as groups become more sizeable. Two years ago Intelligence had a certain marketplace but now it has become more defined and can use its size to do branded deals. So will all the other companies like Network Data and The Mortgage Operation (TMO).”
