Scarborough partners Mortgage Times
The partnership is part of Scarborough’s continuing expansion policy aimed at increasing business levels with brokers. As well as developing products in consultation with intermediaries, the lender is also planning an online broker portal for the end of this year.
Scarborough ’s relationship manager, Simon Evans, said: “Developing the intermediary side of our business is a key priority for us, and we are well aware of the value they can add to our business. We are working hard to build new relationships and discover fresh ways of meeting brokers’ needs so we are delighted to have added The Mortgage Times Group to our key account panel.”
One of the products launched by Scarborough is a holiday buy-to-let which calculates the maximum loan on potential rental yield, rather than on the client’s salary.
Richard Stokes, head of product development at the Mortgage Times Group, said: “The Scarborough Building Society has been one of the best product innovators during the last 12 months, and the holiday let exclusive will be particularly attractive to our members whose clients specialise in investment opportunities.
“In keeping with our commitment to provide criteria as well as rate-driven exclusive edges, this product offers a very favourable rental assessment based on the pay rate of 4.99 per cent.”
As part of the Scarborough’s drive to increase broker business, it scrapped its policy of set procuration fees and now operates a tiered percentage model, with 0.25 per cent for residential customers; 0.4 per cent for buy-to-let and 0.65 per cent for light-adverse cases.