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Derbyshire shakes Salt on sub-prime

Derbyshire Building Society is setting up a new specialist lending brand called Salt.

It will focus on sub-prime and sub-prime self-cert and look at developing products in the buy to let and other specialist niche markets.

The firm has a controlled entry plan with products initially distributed through a packager panel, including Solent Mortgage Services, Abacus, Beacon and Pink Homeloans. More packagers will be invited on to the panel in 2006 and Salt is also developing a direct-to-broker online service.

This is not the first time that Derbyshire has been in the sub-prime market as its lending subsidiary Derbyshire Home Loans buys mortgage portfolios from specialist lenders.

Derbyshire head of sales Tony Capon says: “Salt has been based upon extensive research with brokers, recognising the value that brokers bring to the market. With a develop- ing market needing a wider choice of produce and service options, we aim to be a significant player in the market.”

The Mortgage Market Place compliance director Nick Triniman says: “The Derbyshire is good at things like builders’ deposits, which is an area that is not very well looked after. If they can get more near-prime rates, they could be as good as the likes of other providers such as Mortgages plc.”

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