The agreement between PINK and First National will provide a set of new, bespoke products designed specifically for borrowers with a history of adverse credit. In addition, the range will include a number of products developed exclusively for Pink.
The product range will incorporate the following options and benefits:
- Lower initial charge rate, with no change to early redemption charges
- Discount and fixed rates options
- A new "Near Prime" range
- Rates starting from 5.14 per cent
In conjunction with the introduction of new and unique customer product options, a underwriter has been introduced to PINK's offices in Lichfield to support the branded lending arrangement. This will create a more streamlined system for processing and issuing offers for First National applications, making the procedure quicker and more efficient for brokers. In addition to the improved speed and quality of service and response, intermediaries will also benefit from the wider choice the newly developed range will offer, plus the highly competitive pricing of the products.
Tony Jones, managing director at Pink, said: "Our decision to establish this partnership not only serves to demonstrate our commitment to providing an excellent packaging service to our brokers, but also our dedication to our relationship with First National. We selected a GE company as a key member of our branded lending panel because of its reputation forproviding great products and service. Co-branded partnerships enable lenders to establish solid long term relationships with key players in the mortgage market and we're looking forward to developing and strengthening our relationship with First National."
Sean Webb, chief commercial officer, First National, said: "We are extremely pleased to have this opportunity to partner with PINK, such a significant and growing player in the UK mortgage market. We believe packagers will continue to play a key role in the distribution of specialist products. The continuation of branded lending partnerships will be a big part of this, enabling them to work with centralised, specialist lenders to be more responsive in delivering to customer needs. We are delighted to be offering such tailored and competitively priced options to our brokers, and to be further developing our proposition in the area of branded lending."
