The joint initiative will provide intermediaries with access to a range of prime products designed by Pink Home Loans in association with Mutual One and the lenders on the Pink Mutual panel and all to common lending criteria.
To mark the launch of Pink Mutual on Monday 11 April, Pink Home Loans has developed two two-year discounted products. The first is funded by Barnsley Building Society and the second is funded by Saffron Walden, Herts & Essex Building Society.
David Copland, sales and marketing director at Pink Home Loans, comments: “We are delighted to be launching this exclusive initiative with Mutual One’s building society contacts. Pink Home Loans have designed two exclusive two-year discounts aimed at the prime remortgage market. Whilst the products both offer a two-year discount, one has a tie-in for the discounted period; the other has no early repayment charges at all. We will be looking to design further products with the building societies on the Pink Mutual panel over the coming months. Our strategy is to develop market-leading products in the prime and residential markets and to cater for the increase in demand for remortgage business in 2005.”
Barnsley Building Society’s product offers a discount of 2.29% for 2 years, available up to 75 per cent loan to value with a maximum loan of £500,000. The product offers an initial payment rate of 4.45% and free legals for remortgages are available if the lender’s own conveyancing service is used.
Saffron Walden, Herts & Essex Building Society has funded a product with a discount of 1.8% for 2 years. The initial payment rate is 4.79% and there are no early repayment charges. Free legals for remortgages are available if the lender’s own conveyancing service is used. The product is available up to 85 per cent loan to value with a maximum loan of £500,000.
David Charlton, commercial director at Mutual One, added: “Building societies have a tremendous reputation for offering competitive rates and excellent service. We are delighted that by working with Pink, we are enabling introducers to take advantage of exclusive building society mortgages not usually available through such wide distribution channels.”
