View more on these topics

DB to launch direct-to-broker offering

DB Mortgages is to launch a direct-to-broker online proposition but has assured packagers that it is not turning its back on them.

The proposition will be piloted by an as-yet unnamed network and mortgage club. The products will be similar to those already available through pack-agers and the lender says it will be a soft launch to test its systems.

The move has ruffled feathers in the industry. Terry Pritchard, director of packagers at edeus, says: “When you think 70% of all sub-prime business is packaged, this seems outrageous.” But Payam Azadi, head of marketing at The Mortgage Times Group, says: “As long as DB continues to off-er a competitive proposition to packagers, fair play to it.”

Bill Dudgeon, managing director of DB, says: “We’ve nev-er hidden it from packagers that we’re going to go direct to brokers. But packagers will find the system is built to complement them rather than cut them out.”

To that end, once brokers have completed the decision in principle and Key Facts Illustration for a given case they can then choose to assign it to a packager of their choice.

Lenders including Kensington Mortgages and Money Partners have added direct arms to their propositions in re-cent years.

Dudgeon says the move will help to ensure DB Mortgages is in the premier league of lenders, “where the most forward-thinking lenders are, although we won’t be cutting edge yet”.

The first phase of the proposition’s launch will take place in the next two weeks, although Dudgeon won’t give a precise date.

But he reveals the launch will be a slow push, in keeping with the conservative stance of the lender’s German parent company, Deutsche Bank.


Limited free legals offer from Pink

Pink Home Loans is offering free legals on five of the most popular lenders on its packaged submission panel. The offer is open until August 31 2007 for all properties in England and Wales.

Infinity launches affordability calculator

Infinity has launched an affordability calculator for its intermediaries to enable them to determine an applicant’s borrowing potential. Infinity offers the option to choose to use either affordability or income multiples on full status applicationsSimon Biddle, head of marketing and communications at Infinity, says: “The feedback from intermediaries is clear; affordability continues to be an […]

Industry welcomes BoE rate freeze

The industry has welcomed the Bank of England’s decision to freeze interest rates as good news for mortgage borrowers. The Monetary Policy Committee today voted to hold the base rate at 5.50% in June. The Council of Mortgage Lenders welcomes the base rate decision but warns fixed rate borrowers to plan ahead.Michael Coogan, director general, […]

Friends reunited as BM Solutions’ BDM joins edeus

Former BM Solutions business development manager Vicky Jackson has joined edeus.Jackson was top BDM at BM Solutions for three out of four years, and was previously the HBOS lender’s top mortgage consultant.She says: “I’m excited to be working with my old management team again. Had I not been on maternity leave, I’d have liked to […]


News and expert analysis straight to your inbox

Sign up