View more on these topics

SMS offers secured loan service

Solent Mortgage Services has launched a secured loan service in partnership with Prestige Finance, the specialist sub prime second charge lender.

Under the scheme, intermediaries will not only have access to SMSs existing secured loans department but can now deal directly with Prestige through SMSs extranet, The Porthole.

Intermediaries requiring a sub-prime secured loan can opt to let Prestige deal with their client throughout the whole process or simply use them to administer the loan to completion.

Kelvin Cooper, managing director at SMS, says: Secured loans are growing in popularity and our brokers are looking for ways to expand the services they offer clients.

“The relationship with Prestige gives brokers the chance to offer sub prime secured loans and choose to let Prestige look after the whole process, freeing them up to concentrate on core mortgage business while at the same time gaining a contented client, as well as a new income stream.

Simon Stern, director of Prestige Finance, says: Prestige has built an enviable reputation in delivering first class products and service. The new initiative with SMS is a unique partnership between a major mortgage distributor and a second charge lender and we are looking forward to assisting SMSs intermediary partners in this increasingly important market niche.

Recommended

Hometrack plans for Basle II

Hometrack says updated technology and new management are key to its plans for helping lenders meet the credit risk management requirements of Basle II. The credit directive dictates that lenders must monitor and conduct regular reviews of property valuations, particularly if market conditions are changing rapidly. This will include data central to risk profiling on […]

Lime adds CHL mortgages to panel

Mortgage and insurance network LIME has added CHL Mortgages, the buy-to-let and self-cert specialist, to its panel.CHL Mortgages joins 41 existing lenders in LIMEs mortgage club, specialising in self-cert and buy-to-let mortgages. As an intermediary only lender, CHL Mortgages prides itself on service and has won Financial Advisers 5 star award seven years running.Keith Richards, […]

FTBs account for 40% of transactions

Nationwide research reveals first-time buyers account for almost 40% of house purchase transactions.However, only about 20% of homeowners are in the 20-24 age group, compared to around 30% 10 years ago.The lenders says deposits and income multiple constraints are a bigger hurdle for first-time buyers than debt servicing costs and that less than 10% of […]

Islamic boost

Gordon Brown last week celebrated the “invaluable” contribution of Muslims and said he wanted to make Britain the global gateway to Islamic finance and trade.

Bridging is no longer a dirty word

It’s not that long ago that short-term finance, or, perhaps more specifically, bridging finance were viewed as dirty words by mortgage brokers. The rates on offer were punishing, meaning there were only a handful of situations where it would be appropriate to arrange one. Some lenders didn’t exactly uphold great reputations for service standards either; […]

Newsletter

News and expert analysis straight to your inbox

Sign up