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Complete offers help to SMS staff

Complete Mortgage and Loan Services has expressed support and sympathy for the directors and staff of neighbouring south coast packaging and distribution firm, Solent Mortgage Services, following its decision to cease trading.

Damian Cain, director of Complete, says he hopes it can help some of SMS’s staff and business partners.

He says: “It is a very difficult time for everyone in the industry, and the whole sector is experiencing unprecedented change in the ways that lenders intend to distribute the ever-decreasing number of intermediary-based mortgage products in future.

“The packager sector has been particularly hard hit and even well-run and successful businesses such as SMS can find that their business models now fail to fit the rapidly changing nature of the mortgage distribution market.

“Our sympathy goes out to the directors and work force, which include a high proportion of experienced and talented individuals. Solent have for a long time been forerunners of the packaging industry and the management team are popular figures within our community.

“We wish them all the best at this difficult time. As far as Complete are concerned we remain in the market and continue to offer distribution to a large lender panel. Hopefully, with continued lender and introducer support we can continue to prosper and be in a position to help some of SMS’s staff and business partners to remain in the industry.”


BoE extends SLS until January

The Bank of England has extended its Special Liquidity Scheme until the end of January 2009. The Council of Mortgage Lenders says: “The BoE has shown a welcome flexibility.”

SPF to keep Mortgagematch ties

Savills Private Finance says it will uphold its ties with packager Mortgagematch after rescuing Personal Touch Packaging from administration.

Clients do themselves harm by going to lenders direct

It was interesting to read comments by Gerry Bell of GE Money Lending (Mortgage Strategy Online August 21) stating that around 3.4 million direct mortgage applicants were declined at least once in the past 18 months.


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