The Professional Mortgage Packagers Alliance has revealed a pilot exclusive from Preferred.
The Preferred near-prime two-year fixed rate of 5.79% is available for purchase only to 80% LTV and is fixed to September 1 2009. There is no self-cert loading, no higher lending charge, and an arrangement fee of 1% applies.
Uniquely, this is a no-reference product with lending based only on bureau search information including CAIS, and cases will be assessed via an automated valuation model, not valuation on the majority of cases.
Helen Hymos, lender relationship manager at the PMPA, says: We are pleased to be piloting this innovative product from Preferred, which will give brokers that submit cases via PMPA the advantage of a low-touch product that is designed to produce quick offers. This fixed rate exclusive complements PMPAs already extensive range of Preferred exclusive products.
Shaun IAnson, head of sales at Preferred, says: Preferred is delighted to announce another partnership with the PMPA. This provides us with another valuable opportunity to work in tandem with a well-known and successful packager organisation, creating products tailored to current market demands.
“We are always looking to meet the needs of intermediaries, and our customers, and look forward to developing additional exclusives with PMPA in the future.