Mortgage Next launches Direct 2 Source service for sub-prime business

Independent mortgage distributor Mortgage Next has launched a new Direct 2 Source service especially for the sub-prime sector.

The quantity of sub-prime lending being received through Mortgage Next&#39s specialist packaging facility has increased by 60% year on year. Direct 2 Source enables introducers to send applications direct to a panel of four sub-prime lenders, including Kensington Mortgage Company and Platform. Introducers will retain the same level of procuration fees and customers will receive a £250 refund on selected products.

Justine Tomlinson, marketing director at Mortgage Next, says: “There has been a lot of focus on the value of a packaging facility during 2002. We believe sub-prime remains a complex sector, and there is a place for an expert service to be provided directly from the lenders in addition to the many benefits of a packaging service. We are aiming to provide our members with the ultimate choice in the sub-prime market”.