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Scarborough takes flak for direct-to-consumer plan

Scarborough has come under fire following revelations that its subsidiary lender will launch a direct-to-consumer lending arm.

The society has exclusively revealed to Mortgage Strategy that Scarborough Specialist Mortgages will be hitting the high street to widen the accessibility of its sub-prime range to consumers.

The SSM range was originally launched via the packager channel, then through intermediaries. Now it will be made available direct to consumers at Scarborough high street branches.

But in the past, the industry has been rife with criticism of this type of move by lenders. A recent advert by edeus hit out at branch-based lenders such as Nationwide. The company acc-uses lenders that offer products through both channels of betraying brokers.

Alan Cleary, managing director at edeus, says that despite Scarborough’s small size, the sentiment is the same and its move shows that it is neglecting brokers.

But Tracy Fletcher, group press and public relations manager at Scarborough, denies this.

She says: “We are not neglecting brokers and have put a lot of effort into reacting to their needs.”

“Our goal is to give more choice to our customers and we are pleased to offer them another solution.”

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