The promotion will run for the next 12 months and throughout this period a number of new offers will be added.
The adverse campaign was launched on the 9th January with FNMC offering a £99 reduced valuation and Pink administration fee. This incentive complements Pink’s current promotion with Platform, which offers free valuation and cash backs on branded packaged products.
Pink will be working closely with its packaged and direct partners during the course of 2006 to ensure that we meet our customer needs through exclusive products. Introducers can also expect a further 2/3 lenders to be added to Pink’s direct submission panel, so that we offer a whole of market proposition in the adverse market.
The campaign will complement the services that Pink already offers to its introducers, for example having access to a mortgage placement desk and 24 hr payment facility. This will ensure that as well as having a competitive product for their client, that the experience of an adverse enquiry is as straightforward as possible for the broker.
Tony Jones, Managing Director, Pink Home Loans commented, “1 in 4 people struggle to get a mortgage from a mainstream lender and in 2004 lending to people with low credit scores grew twice as fast as mainstream mortgage lending (Source: Data Monitor). It is clear that the sub-prime market accounts for a growing proportion of business placed in the current market. Pink believes that clients with a less than squeaky clean profile have as much right to competitive products and the service to match as in other sectors of the market. Pink’s sub-prime campaign will assist brokers in accessing the best offering for their clients’ individual circumstances”.
Ray Blackmore from Blackwood Finance added: "A large proportion of my client base has some degree of adverse credit on their profile and I regularly use Pink's mortgage desk to assist me in placing sub-prime enquiries. I welcome Pink's latest promotion in conjunction with FNMC as it addresses one of the key obstacles I have to overcome with clients in my area on a daily basis. Typically, clients tend to be asset rich and cash poor, so to ask them to stump up the £400 or so valuation fee can often be an issue, £99 is a much better proposition".
