The product offered a headline rate of 5.94% (Bank of England Base Rate + 0.19% to 01/09/09), up to 90% LTV to £500,000, with no arrangement fee.
David Copland, deputy managing director at Pink Home Loans, comments; “We are thrilled with the success of this Pink exclusive product funded by Intelligent Finance. Not only have we seen a huge growth in business volumes with Intelligent Finance following its launch, but we have also noticed a dramatic increase in the number of new intermediaries submitting Intelligent Finance business via Pink. This demonstrates how successful a product can be when a lender and a network work together in product design and marketing”.
Andrew Goodwin, director, AMG Financial Solutions, adds; “We submitted a number of cases on this product due to the flexibility that it offered our clients, particularly those wanting to maximise all of their income and offset their savings. The fact that it was fees assisted was a real bonus and the product will be sorely missed.”
Pink has also made enhancements to the way it pays its Appointed Representatives, which will enable them to submit their 24-hour payment claim forms electronically and monitor the progress of their commission payments online. Pink pay brokers their proc free within 24 hours of completion, which has proved exceptionally popular, helping intermediaries control their cash flow and not have to wait several weeks for payment.
The new facility was launched on 1 August and means that ARs no longer have to request 24 hour payment of commission fees manually by fax. Commission payments for mortgages will be generated directly from the entries submitted by the intermediary on Pink’s Online New Business Register, saving the broker valuable time.
Lisa Hurley, associate director of Finance, Pink Home Loans, comments; “We are delighted with the enhancements that have been made to the Online New Business Register, making it even easier for ARs to review and receive their commission payments”.
Bob Singh, managing director, Chess Financial Services, comments; “The changes to the Online New Business Register, mean that my staff no longer have to write out and fax a separate sheet through every time one of my clients cases completes. Anything that cuts down on the amount of paper work that I have to complete and time spent on the phone progressing payments, has got to be good, allowing me more time to spend finding solutions for my clients. When you’re completing cases on a volume basis this will definitely save time for all concerned and eliminate human error with lost faxes etc.”
