View more on these topics

Furness in distribution deal with MPLC

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.

Recommended

Moneynet warns borrowers of hidden expenses

Relying solely on advertised APR rates to choose the best deal on a loan could mislead borrowers into picking the most expensive product on the market rather than the cheapest, warns online financial data comparison site Moneynet.co.uk.Richard Brown, chief executive of Moneynet says: “Consumers are led to believe that the cheapest loan is the one […]

Clear direction for housing needed, says RICS

The government’s extended deliberations about the way to improve availability, choice and diversity in UK housing is creating a climate of uncertainty for investors, which risks holding back development.The Royal Institution of Chartered Surveyors has issued its latest comments on the Barker Review on Housing to the Office of the Deputy Prime Minister.Louis Armstrong, chief […]

Derbyshire set to launch Salt on Monday

The Derbyshire is set to launch a separate stand alone brand called Salt on Monday.Offering near prime to heavy sub-prime, the products will initially only be available through a limited number of packagers, but the aim is to ultimately go direct through intermediaries.Three packagers are confirmed at the moment they include Abacus, Praxis and Pink […]

Poor areas get worse services than rich

Deprived neighbourhoods get lower standards of street cleaning and refuse collection than more affluent areas, research for the Joseph Rowntree Foundation reveals. This is in spite of the greater range and severity of problems they face, particularly with graffiti, litter, fly-tipping and poorly maintained public spaces. A study by the University of Glasgow found environmental […]

Retirement - thumbnail

Pension freedoms: stop the scams

At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.

Newsletter

News and expert analysis straight to your inbox

Sign up