Pink launches sub-prime campaign

The adverse campaign was launched last week with First National, offering a £99 reduced valuation and Pink administration fee. The promotion will run for the next 12 months and a number of new offers will be added.

Pink says it will be working with its packaged and direct partners during 2006 to ensure it meets their needs through exclusive products. A further two or three lenders will be added to Pink’s direct submission panel.

Tony Jones, managing director of Pink Home Loans, commented: “One in four people struggle to get a mortgage from a mainstream lender and in 2004 lending to people with low credit scores grew twice as fast as mainstream mortgage lending. It is clear that the sub-prime market accounts for a growing proportion of business placed in the current market.”

Ray Blackmore, spokesman for Blackwood Finance, added: "A large proportion of my client base has some degree of adverse credit on their profile. I welcome Pink's latest promotion, in conjunction with First National, as it addresses one of the key obstacles I have to overcome with clients in my area on a daily basis. Typically, clients tend to be asset rich and cash poor, so to ask them to stump up the £400 or so valuation fee can often be an issue, £99 is a much better proposition".