The product range will include prime, light-adverse and non-conforming packages, as well as niche products such as self-certification and buy-to-let. The merger aims to increase combined run rates of £500 to £600 million up to £1.7 billion from 2003.
The merger aims to integrate underwriting, management and infrastructural processes to streamline access and service for brokers.
The new business – to be named following brand research undertaken with intermediaries - will be based at Platform’s offices in London’s Docklands and run by the current Platform management team, headed by David Tweedy.
"This is about providing absolute clarity for intermediaries about who they should approach at Britannia," explained Gerald Gregory, managing director of Britannia’s non-member businesses.
"We believe there is a strong and growing demand in the market for a one-stop shop approach. By combining and expanding our well-established and successful introducer businesses, we can offer such a service to IFAs, mortgage brokers, packagers and correspondent lenders with one sales force offering the promise that we will have a deal for every customer in our market sectors, whatever their circumstances."
"Platform and Verso already have an enviable reputation for service, products and innovation and we will build on this to provide mortgage intermediaries with the widest choice of products under one roof," added David Tweedy.
"Our new cascade underwriting service will mean that if an applicant does not meet criteria on our prime products they will automatically be considered for one of our many other products according to their credit status. One call is all that will be required to get our best offer."
Mortgage intermediaries will be kept informed of developments over the coming months. The new operation is expected to be up and running early in 2003 and intermediaries will be invited to a series of presentations around the country to explain the changes in more detail around this time.
