Scarborough shuts specialist arm

Scarborough has pulled the plug on its specialist lending arm, Leeds-based Scarborough Specialist Mortgages.

The mutual says the decision is due to market changes. SSM pipeline cases will be accepted and brokers have been notified of both SSM product withdrawals and the cut-off point to which applications will be accepted.

One source says: “Ever since the plug was pulled on new lending at Amber Homeloans, the worry has been that other firms might go the same way.”