Melton Mowbray BS has created a subsidiary called MBS Lending, which will deal with non-conforming and high loan-to-value (LTV) clients and will distribute exclusively through Praxis Mortgage Solutions.
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Arif Daar, managing director of MBS Lending, explained: “The portfolio will range from near-prime to heavy plus, with a maximum LTV of 90 per cent in the majority of areas and the whole portfolio will be available to status and self-cert customers. There will be no higher lending charge and no early repayment overhang. The partnership with Praxis will ensure a comprehensive and efficient packaging service for the broker market.”
Meanwhile, Newbury BS has teamed up with mortgageforce to refer non-conforming, self-cert and high LTV clients to the brokerage for either face-to-face or telephone-based sales.
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Craig Leslie, marketing manager at Newbury BS, said:
“We are really pleased to be able to improve the standard of service we offer our customers. In particular, mortgageforce shares our commitment to providing excellent customer service and we have simply put this partnership in place to provide local people with mortgages which are tailored to suit their individual circumstances.”
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Neil Johnson, head of PR and policy at the Building Societies Association, commented: “As the needs of buyers become more disparate, societies need products for different types of people. Some have set up other organisations to do this without taking on too much risk.”
