Funded by its branded lender partners - Mortgages plc, GMAC-RFC and Platform - the product range aims to cater for an anticipated increase in demand for remortgages within the sub-prime sector in 2005.
The new product range has no valuation or administration charge, and no charge is made for standard legal fees when a designated solicitor is used. In Scotland and Northern Ireland, the client will receive £250 cashback instead of benefiting from free legal fees.
Tony Jones, managing director at Pink Home Loans, says: “We are predicting a rise in the remortgage market in 2005 as the purchase market stagnates. This new product innovation is designed to cater for the expected increase in remortgaging and debt consolidation and we anticipate high demand as borrowers will have no valuation or legal fees to pay.”
Dev Malle, associate director at Pink Home Loans, comments: “We have plans to extend and develop this product range even further through the launch of three further branded lenders in the early part of 2005 and may also extend the product range with lenders on our packaged and direct panels.”
Summary
- Range of fees assisted remortgage products funded by Pink Home Loans branded lenders: Mortgages plc, GMAC-RFC and Platform
- Designed exclusively for the sub-prime sector
- No valuation or administration charge and no charge for standard legal fees (England and Wales) when Davisons Solicitors are used
- No valuation or administration charge and £250 cashback paid directly to the borrower (Scotland and Northern Ireland)
- Broker commission across the range: 1.25%
- Promotion valid from 10 January 2005 to 31 March 2005
