Derbyshire adds flavour to market
Mortgage Introducer exclusively revealed in June Derbyshire’s plans to launch into the non-conforming market.
Salt will initially focus on non-conforming and non-conforming self-cert lending as well as buy-to-let and other specialist niche markets. It said the brand proposition had been based upon extensive research with brokers and the wider intermediary marketplace.
The products will be available exclusively through a selected panel of packagers, including Solent Mortgage Services, Abacus, m2-d&p, Praxis, Beacon, and Pink Home Loans.
As Salt develops more packagers will be invited onto the panel and in early 2006 it will offer a direct-to-broker online mortgage application service.
Derbyshire said Salt will be able to offer robust, fully credit-scored decisions-in-principle (DIPs) from the outset while its website will provide quick and easy access to KFIs and online DIPs within minutes.
Tony Capon, head of sales at Salt, said: “We asked, listened, and acted. We aim to meet brokers’ crucial requirements of clear, quick decisions, the need to stick to those decisions, access to underwriters, competitive pricing and trust – all of which are key to Salt.
“By going through packagers we get access to wide distribution straight away. We’ve set out a five-year business plan and envisage that in time we’ll be competing with the likes of Platform and Kensington. We’ll also be offering commercial mortgages and will start doing securitisation deals.”
Capon revealed that equity release is also on Salt’s radar although there are no firm plans to launch into this market yet.
Paul Robinson, chief executive at Solent, said: “We’re looking forward to working with Derbyshire and its new brand. It will create competition for the other specialist lenders and has good products.”