Furness, the North-West based mutual lender, has further developed into the sub-prime sector by announcing a distribution agreement with Mortgages PLC.
Under the terms of the deal Furness will market the entire MPLC product range to intermediaries using jointly branded marketing and promotional material. A specialist team has been set up within the Furness Direct operation in Barrow-in-Furness, and the regional sales team will actively promote the products.
The launch is not Furness’ first foray into the sub-prime sector. It has previously had a distribution relationship with a specialist product provider and also allows a small degree of adverse credit on some of its own products. The deal with MPLC is by far its most significant venture to date though.
Rob Cairns, chief executive at Furnes Building Society, says: MPLC has a market leading product range and we welcome the opportunity to work with them. We are a forward thinking organisation and with the experience we have already gathered in this sector, I am confident this relationship can be a big success.
Peter Beaumont, sales and marketing director at MPLC, says: Were delighted to be extending our lender relationship programme to include Furness. We have known Rob and the team for a long time and it is great to be working with them.