Specialist lender Sun Bank experienced year on year growth of 140% growth in 2002, to take its completed mortgage loans to over £600m.
Paul Howard, sales and development director, says: “The growth in business volumes at Sun Bank over the past 12 months has surpassed all our expectations.
“A combination of increased distribution, differentiated market leading products and a much more visible brand have been the main contributors to this success.”
Sun Bank's new product range, which was launched in May, had a strong impact, with 84% of the year's total applications received after this date. Three quarters of the year's completions occurred in the last six months.
The new self-certification and buy-to-let products have been especially popular, accounting for 60% of business since May 2002. Complex prime business – mortgages designed for individual needs - have also been particularly successful.
Sun Bank's success and growth has prompted a move to Bournemouth – home of its parent, Portman Building Society – in order to support strong anticipated growth during 2003 and beyond.
Access to a greater number of processing staff and other specialist head office functions, will support increased business levels and help to improve service on an ongoing basis.
Paul Howard continues: “Service levels are a priority for us. We want to be sure we have the necessary resources and structures in place to provide the very best service for our intermediaries.”