There are twodevelopments that have been added to the campaign. The first is the reduced valuation and Pink administration fee. Many packagers have been offering a £99 valuation service, which Pink has turned upside down offering a Maximum fee of £66. As a result, the new initiative is taking an Australian theme. The reduced fee is available on all adverse product ranges with our packaged partners Amber Homeloans, First National, Freedom Lending, GMAC RFC, Mortgages Plc, Platform Homeloans, Preferred Mortgages and Salt.
Research has identified that adverse lending is a complex market and sourcing systems often offer limited choice. Pink offers a number of facilities, including a Mortgage Desk team with over 150 years experience within the mortgage industry, and the redesigned website which has received excellent reviews. The second enhanced feature of this campaign is the comprehensive “Adverse Guide”. The aim of this guide is to provide brokers with important information they need to capitalise on the opportunities presented by the adverse market place and, most importantly, to do so compliantly.
Tony Jones, managing director at Pink Home Loans, commented: “Pink is committed to adding value in the mortgage marketplace. During 2006 our aim is to focus on providing intermediaries with information and guidance so they are in a position to offer a sustainable mortgage solution to meet the needs of their clients. A combination of 5 Star service, education and guidance, research assistance, exclusive products, excellent value for clients who pay little or no valuation fee, market leading procuration fees and payment to the intermediary within 24 hours of completion makes this a very powerful proposition. Just as importantly, we will be assisting intermediaries to write this business in a compliant way which, of course, is absolutely vital”.
Chris Cummings, director general of AMI, added: “I am pleased to see firms such as Pink coming up with industry solutions to industry issues. The adverse market will again fall under the FSA’s scrutiny shortly and it is essential that intermediaries are prepared. The production of the “Adverse Guide” to help firms better get to grips with the market is a very positive move. Firms should focus particularly on their fact-finding: well ahead of any application being made, record keeping, and must also ensure their remuneration policy prevents any hint of bias being made.”
Summary
- Please refer to website for full product details www.pink.uk.net
- Free valuation available on all Mortgages Plc and Platform products
- For all applications, purchase and remortgage on all packaged adverse products including right to buy and buy to let.
- A fee of £66 is payable on all applications which covers our standard £90 administration fee, buy to let rental assessment, where applicable, and any standard valuation fee.
- Reduced valuation fee applies to standard mortgage valuation reports.
- The reduced valuation only applies to the first valuation and not to any subsequent valuations that may be required.
- No transcription of the valuation will be allowed without the express permission of Pink Home Loans.
-Pink Home Loans reserves the right to request a full fee if a transfer of products is required/requested outside the campaign product range.
-This offer does not apply to any pipeline business.
