Pink launched its sub-prime campaign at the beginning of the year, with the aim of “adding value in the adverse market”. It kicked off the campaign with a £99 valuation fee on First National, part of GE Money Home Lending packaged business. As of 7th February Pink reduced its valuation fee on all packaged business to £66, hence turning the adverse world upside down.
Pink has produced an adverse guide to provide brokers with important information they need to capitalise on the opportunities presented by the adverse market and, most importantly, to do so compliantly.
Tony Jones, Managing Director at Pink Home Loans, commented: “The maximum valuation and Pink administration fee of £66 is available on all adverse product ranges with our packaged partners* which has had a significant effect on application volumes since its launch at the beginning of February. Whilst we are delighted with the increased business volumes, they are only a part of what we want to achieve. We want to ensure that adverse clients are able to access competitive products, that brokers are aware of the opportunities available to them and that they capitalise on these in a compliant manner. In addition to the adverse guide, we will be working on various initiatives throughout the year to help achieve this”.
Summary
-Packaged partners Amber Home Loans, First National, Freedom Lending, GMAC RFC, Mortgages Plc, Platform Home Loans, Preferred Mortgages and Salt
- 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.
