Salt launches specialist lines

The Derbyshire is launching commercial and buy-to-let ranges through its subsidiary Salt this week.

The society has already been dabbling in commercial mortgages through its main brand since February this year. But it hopes to increase its market share by launching ranges through its subsidiary.

Salt Commercial and Salt Buy-to-Let will officially be launched at this week’s Mortgage Business Expo.

Tony Capon, head of sales at Salt, says: “Since the launch in February feedback has been good, which is why we decided to launch the ranges through Salt.”

On the commercial side it will focus initially on residential investment mortgages for borrowers with a £2m portfolio or more, as well as owner-occupier commercial mortgages and residential development finance.

The society says it might also look at asset finance for commercial deals. It will be launching further details of the products at the Expo.

On the buy-to-let side, products will include a three-year fixed rate at 5.6%, and a three-year tracker product at 5.75%.

David Whittaker, managing director of Mortgages for Business, says: “We have dealt with The Derbyshire for commercial mortgages through its main brand and it is competitive. I’m not sure it makes much difference whether this goes through Salt or its main brand. My only question is – will it have enough resources to cope with the demand it may generate?”

Capon adds: “It has always been our intention to enter the buy-to-let and commercial markets through our Salt brand and we are increasing our number of business development managers to accommodate this.”