Paradigm moves into complex prime

4 March 2010 | By Natalie Thomas

Platinum Options, which specialises in placing and packaging complex prime mortgages, has a small lender panel that cater to borrowers who would have been considered prime in the past but currently fail to pass a credit score.

The firm currently has three small lenders on its panel with two waiting to join, and also has links to private banks and bridging companies.

Bob Hunt, chief executive of Paradigm Mortgage Services, says: ““We are delighted to announce this exclusive distribution agreement with Platinum Options which will allow Paradigm members to place complex prime cases.

“As we exit recession and demand increases it’s likely that advisers will have an increasing number of clients who for understandable reasons will fall outside of mainstream lenders’ criteria.”

Danny Antonio, intermediary sales support at Platinum Options, says: “Platinum’s proposal is to add benefit to the distribution chain where criteria is more important and mortgages are priced to risk.  

“Our objective is to offer a complex prime hub where lenders are prepared to underwrite cases manually that might not tick all the boxes with high-street lenders.  

“Our intention is for brokers to submit fully completed agreement in principle forms via Paradigm’s website and, once vetted, for these to be forwarded on to our select panel of lenders who will assess cases and agree terms.”