Funded by parent bank, London Scottish Bank, London Scottish Mortgages said it had a manoeuvrability that other specialist lenders lacked, giving it the ability to consider any viable idea a broker presents to them. Once the product is created it remains an exclusive mortgage deal for that broker.
Howard Graham, head of sales and business development, for London Scottish Mortgages, said: “The majority of non-conforming companies use securitised money and as we don’t it allows us to trade in more risky areas, without needing the turnover that bigger lenders do. If it can be demonstrated to us that an idea would make a viable product, we can make the decision that it’s a case we want on our books. If it’s bankable and profitable, we’d be mad not to look at it.”
Graham also encouraged intermediaries to speak to London Scottish. “Everything is broker-driven and we listen to what they are saying. We only do the product for the broker who brought it to us, which restricts access to the product and means our mortgage books aren’t heavily laden one way or another. If a broker has a good idea about funding, bring it to us and talk to us about it.”
John Malone, managing director of Premier Mortgage Service, said: “If it can complete a mortgage just as a one-off, it must have a pretty good system in place. I do wonder if it’s viable, but if it can do that, it must have the resources and to cope or perhaps an underwriter that looks at the case and judges it on its merits. If it has that manpower, then it’s something to admire.”
