The ‘Flexible Plus’ product offers a headline rate of 6.14 per cent (Bank Base Rate + 0.39 per cent) for nine months. Incentives include; a free valuation (max £1,100) and standard legal work involved in moving the client’s mortgage, or a £250 contribution towards legal costs. It is available for remortgages only, on a direct submission basis, for loans up to 90 per cent loan-to-value (LTV) up to £500,000.
The ‘Flexible Plus’ mortgage can be made up of three parts; mortgage loan, savings pot and available funds. Flexible features include: overpayments, underpayments and payment holidays, access to available funds (limit is agreed at outset) enabling clients to borrow at the same rate as the mortgage.
David Copland, deputy managing director at Pink Home Loans, commented: “Pink is delighted to be teaming up with Abbey to offer its Appointed Representatives and Directly Authorised intermediaries this competitive exclusive product. As well as not having to find the fees associated with remortgaging, this product is unique, in that the client does not have to have a current account with Abbey to enable them to offset their income. It would be ideal for clients who receive yearly lump sum bonuses.”
Ray Gerken, key relationship manager at Abbey, said: “We are thrilled to be offering our first exclusive through Pink, which is a testament to the fantastic working relationship that we have.
“Another benefit of this product, is that Abbey will fast track mortgages up to 85 per cent LTV, requiring no proof of income.”
Meanwhile, it has appointed Andy Valvona to the position of head of corporate accounts. The role is at senior management level and will report into the deputy managing director.
The head of corporate accounts position will involve working closely with IFA networks and large directly authorised intermediaries to promote the Pink Mortgage Club and Pink’s packaging arm.
Andy has worked within the financial services industry for over 25 years. He has spent the past nine years in senior sales positions, with his most recent role as head of business development at the Mortgage Next Network, and previously key relationship manager at Verso. Prior to this Andy held sales roles at UCB Home Loans, Western Trust and Savings, Chartered Trust and HFC Bank.
Copland commented: “I am delighted to be welcoming Andy onboard to Pink. He is well known in the intermediary mortgage market and comes on board with glowing references from those who have worked with him. We have ambitious growth plans for the remainder of 2007 and 2008 and I am sure that Andy will prove to be a major contributor in achieving Pink’s objectives.”
Valvona added: “Joining Pink is a fantastic opportunity and I look forward to working with my new colleagues and in creating new opportunities to grow the business and continue to add value to the mortgage market.”
