The ‘Crystal’ product range is a selection of base rate tracker mortgages with a 1.5% discount until 1 August 2003. Rates are tiered according to loan to value and the level of adverse, with pay rates starting from 5%.
Pink has established itself as one of the leading sub-prime wholesalers and this new product follows in the footsteps of the Parachute and Chameleon mortgages which have both made a significant impact in the intermediary mortgage market.
David Copland, sales and marketing director at Pink Home Loans comments: "Pink Home Loans is once again joining up with Mortgages plc, this time to offer a whole range of sub-prime mortgage products based on the transparency of the tracker model.
We are enhancing Mortgages plc own product range to ensure that borrowers with adverse credit histories will benefit from the clear nature of the products on offer."
The Crystal range is an enhancement of Mortgages plc’s own range, which is based upon the lender’s own standard variable rate.
Peter Beaumont, sales and marketing director at Mortgages plc says of the new range: "We are absolutely delighted to be able to announce the launch of the Crystal range with Pink Home Loans. The simplicity and transparency of base rate tracker products are big selling points to introducers and borrowers alike. We have invested significant time and effort into developing these products but with the power of the Pink brand behind them we are confident that this joint venture is destined to succeed."
A Mortgages plc underwriter is based at Pink Home Loans, which means that the whole application process is administered under one roof, with mortgage offers being issued on-site.
The Crystal product range is exclusive to Pink Home Loans and is available via direct and packaged submission routes.
Pink Home Loans offers broker commission within 24 hours of legal completion if an express payment request form is completed. Members also receive broker commissions direct into their bank accounts via BACS payments.
Pink Home Loans, based in Lichfield, is a leading distributor of mortgage services and products. As part of the Skipton Building Society, Pink Home Loans offers mortgage intermediaries the choice of dealing with the lender directly or packaging mortgages on their behalf.
