Available on two and three-year deals the fixed rate non-conforming products are available from 5.49 per cent. Discounted rates start at 4.06 per cent and provide a 2.2 per cent discount for one year from the date of completion. Right-to-buy rates are also available from 4.26 per cent for the discounted range, and 5.69 per cent on the fixed-rate deals.
Roger Taylor, director of sales and marketing at Preferred, said: “Preferred has long been recognised for having a flexible approach and our new range stretches even further to find the best product for our customers.”
However, Mike Pendergast, IFA at Zen Financial Services, argued the products were a mixed bag. He said: “The discount rates sound good and are quite competitive. However, clients need to be made aware if there is an overhang or redemption penalty attached.”
“The fixed-rate deals Preferred is offering seem high for the right-to-buy and the two and three-year fixed rates,” he added.
Preferred has also increased its underwriting capabilities and has extended its adverse criteria to allow CCJs on its extra light and light ranges.
Taylor said the improvements made to the service would benefit brokers, providing them with a personalised response in an increasingly technologically driven arena. “Automated processing is becoming increasingly popular in the industry, but there is still great demand for the personalised, flexible approach to underwriting,” he said. “Our underwriters are trained to be flexible in difficult situations; reviewing each case on its own merits to offer intermediaries even greater choice and value.”
