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Lehman aims to lead non-standard market

Lehman Brothers has unveiled plans to challenge HBOS in non-conforming mortgages after merging two subsidiaries to create a non-standard giant.

The firm wants to be market leader in the non-standard sector and claims it is already number three after amalgamating Preferred and SPML’s operations.

It says London Mortgage Company, which it recently acquired, could join the fold and has not ruled out more acquisitions. Each of the brands will be maintained with separate salesforces to compete against each other.

Lehman, which has appointed Global Home Loans chief executive Simon Hinshelwood as chief operating officer of its mortgage division, has yet to decide whether to merge Preferred and SPML geographically or whether any staff will be cut.

Lehman Brothers European Mortgage Capital Division chief executive Bill Bilsborough says: “Acquisition is part of our strategy. We are a multiple brand organisation.”

Pink Home Loans managing director Tony Jones says: “There may be some overlap but as long as they have a clear proposition it will be received well by intermediaries. They will have learnt a lot from the HBOS model with distinctive brands.”

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