Unity Homeloans represents a joint venture between Investec, the specialist banking group listed on both the London and South African Stock Exchanges, and the PMPA, the UK's most powerful intermediary mortgage distribution channel. Unity Homeloans products are available exclusively through the packager members of the PMPA. Unity Homeloans has harnessed proven technology and processes from several established institutions to create a simple yet effective route to market for brokers and introducers of the PMPA member firms.
Unity Homeloans online application processing system, Uninet, provides the broker guaranteed KFI generation and real-time case tracking. Unlike many online processing systems, what the broker sees is exactly what the underwriter sees - Uninet is a single integrated cradle to grave system. Although applications to Unity Homeloans will be processed through one of the PMPA member packagers, the broker can simply specify which PMPA member packager the case is to be sent to, when keying the case online. Should the broker choose not to submit online, they may still complete a generic packager application form. Brokers can access Uninet through the lender's website at www.unityhomeloans.co.uk and start placing business with Unity Homeloans immediately following completion of a quick online registration.
Unity Homeloans has been built by intermediaries for intermediaries. The PMPA packager members understand the needs of mortgage intermediaries. Service, encapsulated by competitive product and procuration fees, is a recipe that is often promised, but seldom delivered. Unity Homeloans will put service delivery at the top of the agenda. Online systems, short reporting and referral lines, together with onsite underwriters, will ensure that case turn around time from receipt of a packaged application to completion is as quick as possible.
Unity Homeloans have initially chosen to access the powerful distribution channel offered through PMPA who, during the last 12 months have completed in excess of £8 billion in mortgage completions working across a wide range of lender partners. The new lender will offer a wide range of products, including fixed and discounted rates, funded against Bank of England base rate and which are already proving attractive to PMPA members.
Andy Clapham, Head of Principal Finance at Investec said “This is an exciting development for Investec to enter the non-conforming mortgage market and is the first time a financial institution has partnered with an established intermediary group to create a new mortgage lender. Initially, Unity Homeloans mortgages will be offered through the 22 member companies of PMPA and will be available to their wide range of introducers and network connections”.
Ian Nelson, ceo of Unity Homeloans said, “We created Unity Homeloans to leverage the strength and diversity of the distribution afforded by the members of PMPA. Unity Homeloans represents the first time that intermediaries have created a mortgage lender.
The distribution expertise of PMPA coupled with the funding experience and flexibility afforded by Investec creates a serious player in the market. Unity Homeloans provides a natural hedge to PMPA members against the continual attack on their market by a smaller number of mortgage lenders, whilst still enabling continuation of business with those mortgage lenders who actively support PMPA.
As mortgage intermediaries with hundreds of years combined experience, PMPA has been able to pick and choose the best bits of existing lenders systems, processes, products and criteria to create a lender designed to avoid many of the irritations voiced by brokers placing business with some existing lenders.”
Unity Homeloans will consider as standard, full status advances up to £1.5m and self certification loans up to £750000 but will advance larger amounts subject to credit approval on a case by case basis. Other unique selling points include:
-90% Loan to Value on Employed and Self Employed options.
- 90% Buy to Let option available with only 100% rental required.
- 85% any / any re-mortgage facility available.
- Up to £1m available on some self-certification products.
- Rates from 5.95% 2 year fixed with no overhanging redemptions.
- 15% Builder Deposits allowable.
- Procuration fee payments up to 1.25% uncapped.
The Heavy sub-prime product allows for any level of adverse plus unlimited historic mortgage arrears to 85% loan to value and at initial pay rates from 6.25% (discount option) or 6.60% (fixed rate for 2 years with no overhanging redemption interest charges).
