Scarborough sells mortgage portfolios
Part of wider growth and diversification plans, this deal with the German bank’s UK subsidiary is strategically important for the Scarborough Group.
The SBS Group has sold the assets from its wholly owned subsidiary North Yorkshire Mortgages, but will continue to administer these and other mortgages on behalf of Basinghall through SMS Mortgage Services, the Scarborough’s third party administration operation.
The Basinghall deal aligns with Scarborough’s intention to expand its mortgage origination and servicing activities.
This follows two years in which the Scarborough has undertaken a major programme of investment in its business, processes and systems.
John Carrier, chief executive of Scarborough, said: “Basinghall is a key client and one which will help transform our organisation for an even more prosperous future.
“This major, highly prestigious contract gives us the operational scale of a top 10 society and will underpin our ambitious plans for the growth of the mortgage origination and servicing arms of our business.
“In today’s extremely challenging financial services environment, it is important for organisations like ours to adapt, innovate and develop new business opportunities and solutions of this nature.
“This launch, combined with our new systems, takes us to the forefront of the marketplace for new business origination and as a provider of oursourced mortgage systems.”
Martin Frazer, commercial director at Scarborough, added: “This relationship provides a clear marker in the sand in terms of our ambitions to expand our mortgage origination, trading and administration activities.
“We have invested extensively in some of the most modern IT infrastructure available today to underpin these plans in terms of supporting major clients and also enabling us to offer independent brokers a better service.
“This, coupled with our aim of further developing our product offering to include more specialist lending segments, means there will be lots more good news to come out of the Scarborough in the months and years ahead.”
Simon Wood, spokesman for Basinghall, said: “We are delighted to have worked with the Scarborough on these first important acquisitions which help to get our business plan off to a good start.”