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Preferred opens new Scottish office

Amanda Jarvis

February 26, 2003

Preferred Mortgages, the leading non-conforming mortgage lender is to open its first office in Glasgow which will firmly establish a Scottish base for the company, as well as offer a more localised and tailored service to Scottish and Northern Irish mortgage introducers.

The office opened yesterday, 24 February, and positioned in the heart of Glasgow's business community, the new office will provide each introducer, large and small, with direct access to Preferred's specialist underwriting team.
The proximity of the office will also enable the company to build closer relationships with local introducers and thereby increase the volume of business received in the area.

George Patellis, Operations Director at Preferred Mortgages commented: “The new office demonstrates our ongoing commitment to the intermediary market
throughout the UK, and will not only provide Scottish and Northern Irish introducers with direct access to our underwriting service, it will also
help our introducers meet their customers needs. Additionally this builds
on the expected high levels of service that Preferred have developed a
reputation for.”

The sub-prime market is continuing to develop across the UK. This was
demonstrated in 2002 by Preferred's Sub-Prime Mortgage Report* that saw
nearly two thirds (61 per cent) of IFAs and mortgage introducers predicting
a dramatic growth in the non-conforming mortgage market over the next five
years.

George Patellis concluded: “This new development is also another sign of
Preferred Mortgages continued strength in the non-conforming market, which
has seen business growth rates of over 90 per cent in the last two years.”

*The Preferred Mortgages Sub-Prime Mortgage Report researched 522 IFAs and
mortgage brokers to identify the views on the future of the non-conforming
market. The resulting Report was launched in May 2002 and highlighted the
increasing popularity of non-conforming mortgages as a viable alternative to
high street lending.


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