The service is called Prestige and Preferred is the first lender to team up with Mortgage Intelligence to provide an exclusive range of products. The Prestige range includes Right to Buy and buy-to-let up to 90% status on Preferred's light range, rental coverage for buy-to-let from just 100%, with income top-up available.
MI says the fact that the range gives it the capability to underwrite cases inhouse will speed the process. It aims to turn cases round in 24 hours.
Sally Laker, managing director of MI, says: “Exclusive products and fast service from our inhouse underwriting team will be a defining aspect of Prestige. As we edge towards regulation our focus is on delivering tangible benefits to members and Prestige is a great example of this. We will be working closely with other lenders to extend the product range.”
Shaun I'Anson, partnership lending manager of Preferred Mortgages, says: “We specialise in the non-conforming market and have a reputation for flexible underwriting. This is highlighted by the fact that our underwriters will be based at the MI head office in Bournemouth.”