Brightstar has relaunched the Private Label brand with a range of specialist residential and buy-to-let mortgage products.
Four products have been made available in the first stage of the relaunch, with more planned for release later this year, as Brightstar and its lender partners look to fill gaps in the market following extensive research and market intelligence.
The Private Label brand became well known in the mortgage sector during the 1990s for offering innovative specialist products but was closed to new business in 2002.
Kent Reliance, Saffron Building Society and Castle Trust are funding the products, while a number of building societies, including Family Building Society, Bath, The Mansfield and Penrith are also on board.
The Self Builder is aimed at high net worth clients building bespoke properties and promises to be the most competitive bespoke product of its type on the market.
Buy-to-let product The Temporary Letter has been designed for landlords who wish to let their investment property on a short-term basis via websites such as AirBnB.
It is available up to 75 per cent loan-to-value (LTV) on properties worth up to £1m, with higher values on referral. Borrowers need six months of track record or proof that they can service loans from their personal income.
The Day One Remortgager allows clients to remortgage their buy-to-let property before the usual six-month period, meaning borrowers can use different acquisition vehicles such as bridging loans to re-mortgage and raise funds within one day of legal completion.
It is available up to 75 per cent LTV with a £200,000 minimum loan size.
Finally, The Mortgage Tailor is a collaboration of building societies who are set up to provide bespoke solutions within 48 hours, with all bids tailored and priced for risk.
Products will also be available through 27Tec, Mortgage Brain and Iress sourcing systems, and will be submitted by requesting an enquiry form or via Brightstar’s EasySource instant quotation and case tracking system.
Brightstar chief executive Rob Jupp said: "Private Label is a tribute to Stephen Knight and his legendary former team, many of which are still involved in senior positions in the mortgage market.
“Private Label by Brightstar gives the trailblazing concept a modern, post Mortgage Market Review feel, whilst remaining as innovative and product challenging as its predecessor.
“Private Label will give our chosen partners reward for their brand loyalty with the UK's leading specialist distributor as it will win their advisers business over their non Brightstar competition.”
simon.allin@ft.com
