Scarborough plans specialist brand

Scarborough is to launch a specialist lending brand called Scarborough Specialist Mortgages offering prime to heavy adverse deals.

The society is following in the footsteps of others that have launched specialist brands, such as the Derbyshire’s Salt range.

The range, which also includes specialist buy-to-let products, will initially be available to a select group of packagers and Scarborough’s existing key players.

John Carrier, chief executive at Scarborough, says: “These are exciting times for the Scarborough Group, with a great deal of growth and diversification activity under way across the business. Scarborough Specialist Mortgages is a lynchpin of these activities, which will enable us to cater for the whole market in terms of our product offering, rather than just certain segments of customers.”

He adds: “This subsidiary is being launched in response to the social and demographic changes under way in the UK, where increasing levels of personal debt and customers with imperfect credit are becoming more commonplace.”

Andrew Montlake, partner at Cobalt Capital, says: “It is always welcoming when new lenders come into the specialist market, especially buy-to-let. Whether or not their product offering will be competitive remains to be seen, but this does give more choice to consumers which is a good thing.”