The rebrand has come about as a result of extensive research into customer perception of the previous brand; including intermediary and employee opinion on the brand, ethos and working environment, and analysis of Preferred’s positioning within the market.
In June 2004, Preferred held Quality Circle sessions across the country, asking intermediaries for genuine and informative feedback about products, service and marketing material, as well as their company image. The research revealed that Preferred is considered an approachable, flexible,
innovative and specialist lender: 90% of intermediaries said they‘would recommend Preferred’. The Quality Circles were so successful Preferred are holding further sessions in February and March this year.
Following the external research, Preferred employed Vision, a Brighton-based branding consultancy, to assist with the evolution of the Preferred brand. Working together, they sent out a questionnaire asking employees what they thought of Preferred’s image and company ethos. The results showed
that Preferred is considered a people-focused company, with 90% of employees saying it is ‘a good place to work’.
Richard Maennling, Managing Director of Vision, says:‘Preferred have worked with their staff at every level to create a better understanding of the brand, and they now have the tools to drive new marketing initiatives and unite the company around a practical and integrated brand identity’.
John Webster, Managing Director of Preferred, says:‘The rebrand is far more than just a change of logo and the shortening of the name; the new brand better reflects the strengths of Preferred and the way we choose to do business. We are service-driven and people-focused, and our new company
identity reflects our proactive, forward-thinking approach.’
Preferred has announced their new Core Range, with major enhancements including increased discounts and reduced loadings. Changes have been made across the product
range, from Near Prime through to Unlimited adverse.
Highlights of the new product range include:
-Range of increased discounts available - up to 2.00% until 1 June 2006
-No Remortgage loading up to 75% LTV
-Reduced Early Repayment Charge for discounted mortgages for Extra Light, Light, Mid and
Unlimited to 6/5/4%, thereafter 1% or 1 months notice
-Reduced Self Certification loading by 0.25% for mortgages up to 75% LTV
-No loading for mortgages up to £500,000
-Increased maximum mortgage to £500,000 on Near Prime product range
-Mortgages available up to 90% LTV on Near Prime
-No longer require last 6 months mortgage payments on Light Adverse if previous lender is sub-prime
-Reduced minimum employment period with current employer to 3 months for Self Certification Employed
-Generous income multiple: 3.75 + 1 or 3.25 x joint
-110% rental coverage on Buy to Let for all LTV’s
-Fees can be added up to 95% LTV
In addition, Preferred continue to offer the following service values:
-Every case is individually underwritten
-Preferred aim to fully underwrite AIP’s within 24 hours
-Preferred pay procuration fees within 48 hours of completion
-Opportunity to talk directly to underwriters
-A direct line to locally focused teams who work from receipt of application through to completion
John Webster, Managing Director, says: ‘ We are pleased to be launching our new Core Range just two weeks after the announcement of our new two year fixed rates and additional discount, and at the same time as our company rebrand. At Preferred, we pride ourselves on being flexible and
innovative, and know that intermediaries welcome a company that embraces change and strives to continually present better value to the market. The new Core Range reflects our ongoing
commitment to provide intermediaries with our most competitive products yet’.