The products have been available from selected packagers and key account partners since SSM’s launch in October. The wider launch had originally been planned for early 2007, but has been moved to 20 November 2006 due to business exceeding Scarborough’s expectations.
SSM’s relationships with key accounts partners will continue to form the main part of its business, while packager associations, the Association of Mortgage Packagers and Distributors and Freehold will retain exclusivity in their sector.
Tony Burdin, head of group marketing at Scarborough, said: “The packager associations and key account partners have been extremely supportive. We will continue to reward their loyalty and support by offering exclusive products and enhanced proc fees in response to what they tell us their members need.
“However, there is a demand for us to expand and we will now do so earlier than planned. As with anything new, we wanted to launch our subsidiary in a controlled way and give it chance to bed in properly before taking it to the whole of the market.”
Kevin Paterson, managing director of Park Row Mortgages, commented: “It’s a good move for SSM, as long as it can cope with the underwriting. If Scarborough has a compelling proposition, then chances are brokers will look at it. But I’m not sure it will get the same saturation of intermediaries as it will through packagers.”
