The deal comes after several months of negotiations with sub-prime lenders in the UK and is for an initial term of 12 months.
The deal will see blackandwhite working closely together with Money Partners. Money Partners onsite presence at blackandwhite will be expanded and there will be additional field support and training for blackandwhite’s national sales force.
blackandwhite’s chairman, Christopher Ollerenshaw, commented: "We are delighted to be working with Money Partners and establishing an enhanced service partnership for the benefit of our customers. We recently surveyed our sub-prime customers and they ranked speed of turnaround as highly as competitive rate and good products. We felt that Money Partners was best positioned to meet these criteria for both first and second charge lending. I would also add that this arrangement does not encroach on blackandwhite’s ability to offer a full mortgage and loan broking service, we will simply be in the position to offer our clients a broader choice of service alternatives. If products and rates are comparable, but one lender can turnaround completions within three weeks and another takes six to eight weeks, what’s the customer going to choose? We believe that service will be the real battle ground moving forward as its very hard for sub-prime lenders to differentiate via rate or product."
Future plans within the scope of the partnership include branded lending, onsite completions at blackandwhite, full electronic submission, credit scoring and case tracking.
Colin Sanders, chief executive officer of Money Partners added: "blackandwhite.co.uk is a well-established and highly successful brand. We have enjoyed a close business relationship ever since Money Partners launched in 2004, and I am truly delighted that we now have this opportunity to progress our partnership to the next level. Among many of the things we have in common is the shared view and understanding that service is one of the critical differentiators in today’s competitive arena. We will therefore continue to invest deeply in people, products and processes to meet our partner’s needs and those of its customers."
