Key highlights of the core range include discounted rates from 4.33 per cent – based on LIBOR at 4.58 per cent – with rates cut across the whole range.
The revamped selection also includes a 2 per cent discount for one year from the date of completion across the whole range; a three-year stepped discount with no extended tie-in (subject to one month’s written notice); right-to-buy and buy-to-let discounted rates from 4.83 per cent – based on LIBOR; a new flexible ‘either or’ option on the Unlimited range; near-prime available up to 95 per cent LTV; right-to-buy and buy-to-let available up to 85 per cent LTV on near-prime; and a choice of simplified discounts across the range.
John Webster, managing director of Preferred, said: “We have completely reinvented our core range following ongoing feedback from intermediaries. The simplified product structure combined with the flexible ‘either or’ option on our Unlimited range, rolling discount dates and reduced rates help to better serve the needs of the customer.”
“This is a significant leap forward for Preferred and further proof that we listen to our intermediaries and act on their feedback. I’m confident they will be delighted with the repositioning of our product range,” added Webster.
James Cotton, mortgage specialist at London & Country, said: “Preferred has built up a good reputation in its market, particularly for offering loans on non-standard properties. We will have to see how this new range stacks up but if it is as good as it is suggesting then it should put it in a good position.”
