The range is based on a bank base rate tracker mortgage, aimed at those with an adverse credit history, and is now offering a discounted rate until June 2003.
The exclusive range is tiered by loan to value (LTV) with rates starting from 5.75 per cent at 50 per cent LTV. Other products include an initial rate of 6.75 per cent available up to 85 per cent LTV.
David Copland, sales and marketing director at Pink, said: "The Chameleon is now even more attractive for borrowers with adverse credit problems. The additional feature of a discounted rate means it is more competitive but retains its transparency and ease of use for the borrower.
"Pink is at the forefront of product development and innovation in all areas of the mortgage market. Working closely with Mortgages plc has meant we have improved the Chameleon for the benefit of the borrower and shows our commitment to providing competitive products in the sub-prime area of the market."