Private Label signs up lenders as relaunch nears

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Pioneering packager Private Label has signed up several lenders and is nearly ready to launch a range of products including a day one remortgage loan, Mortgage Strategy understands.

Earlier this month this magazine revealed that Brightstar had bought the rights to Private Label and was planning to relaunch the firm this summer.

Kent Reliance will back the day one remortgage product. This will let customers remortgage their buy-to-let property before the usual six-month period and raise funds within a day of completion.

Private Label has also signed up Castle Trust to back an product for landlords wanting to let their properties on a short-term basis through websites like AirBnB.

Saffron Building Society will underwrite a new self-build product aimed at high new worth clients building bespoke properties.

Sources close to Private Label say the product will be the cheapest self-build product on the market.

Private Label is also set to launch a process where a panel of building societies including Family, Mansfield, Bath and Penrith are sent residential mortgage enquiries and promise to respond within 48 hours.

A spokesman for Brightstar confirmed it would be launching Private Label imminently.

Private Label was known in the 1990s and early 2000s for thinking up new mortgage ideas and finding lenders to back them.

Private Label was founded by mortgage veteran Stephen Knight in 1990 and was bought by GMAC-RFC in November 1998. It was closed to new business in October 2002 and was transferred to Fortress’s arm Paratus AMC when it bought GMAC’s UK mortgage assets in 2010.