Scarborough launches sub-prime range

Scarborough is to offer its sub-prime products to the wider broker market earlier than planned.

Scarborough Specialist Mortgages is planning to make its new sub-prime products available to all brokers.

The product range offers rates ranging from 5.29% on prime loans to 6.49% on adverse buy-to-let mortgages.

Tony Burdin, head of group marketing at Scarborough, says: “The extensive market research we carried out in the run up to the launch of SSM was telling us we’d got the formula right.”

“The packager associations and key account partners who have been on board with us since launch have been extremely supportive, and are putting a good level of business our way in what are still, really, early days.

“However, the feedback we’re getting is that there is a demand for us to expand into the rest of the marketplace, and so we will now do so earlier than planned.

“We deliberately did it this way. As with anything new, we wanted to launch our new subsidiary in a controlled way and give it chance to bed in properly before taking it to the whole of the market.

“Within its first month, though, SSM has exceeded all our expectations and we are now in a position to roll it out ahead of the New Year deadline we had originally planned.”