Salt to go direct to brokers

Ramesh Sharma

February 11, 2006

Salt’s products can currently only be accessed via a limited selection of packagers. But the lender has confirmed its entire product range will be available direct to brokers from mid-April, whereby it will also launch a full online proposition for intermediaries on the Salt website including full DIPs and applications.

Mortgage Introducer revealed last June that the Derbyshire was launching into the non-conforming sector through a specialist brand. Salt formally launched in last November.

Tony Capon, head of sales at Salt, also revealed the lender will be expanding the number of packagers its deals are available via, from six to 10. Deals are currently available through Pink Home Loans, Praxis, Solent Mortgage Services, Abacus, m2-d&p and Beacon Mortgages.

He said: “Going direct to brokers with the new online site shows our commitment to this market. We will also be extending our product range and will introduce an unlimited adverse product in the near future, as well as introducing higher LTVs on our medium to adverse deals.”

“But any new lender relying on direct to broker will find it more than tough. So having the packager proposition is important and we will be increasing our panel soon.”

The Derbyshire will also join the Mortgage Trading Exchange (MTE) by the end of this month.

Brian Pitt, managing director of Beacon Mortgages, commented: “I understand Salt has ambitious lending targets so it’s natural that it now wants to widen its distribution.”

Sign up to our daily email