June’s applications saw an increase of 155 per cent when compared to January’s figures and a 61 per cent increase for the same period last year.
The increase was seen as a reflection of Mortgages plc’s product range and Mortgages plc's on-site underwriter at Pink’s offices. Pink’s packaging department is also working to a 24-hour turnaround on all new mortgage applications, post received and diary chasing.
It is anticipated that business levels will increase further as Mortgages plc launch their prime buy-to-let range. Rates start from 5.59 per cent for a two-year tracker at 75 per cent loan-to-value and 6.11 per cent for a three-year tracker at 90 per cent loan-to-value. Applications will be considered for properties attached to commercial premises and will allow for a gifted deposit up to a maximum of 10 per cent.
Elliott Stoneham, commercial director at Pink Home Loans, commented: “Pink’s desire to offer intermediaries an award winning service is paramount. The increase in business levels with Mortgages plc reflects the importance of a productive long-term working relationship.”
Pete Thomson, sales director at Mortgages plc, added: “We’re obviously delighted to see our volumes with Pink Home Loans growing so significantly. As a lender we’ve enjoyed a fantastic year in 2006 and it is great to see such positive news coming from Pink, which is a firm we have always enjoyed an excellent working relationship with and value greatly. Having an on-site underwriter has no doubt played a big part in this and I’m sure our partnership with Pink will continue to prosper on the back of this and our ongoing programme of product enhancements.”
