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London Scottish new team moves into sub-prime

London Scottish Mortgages has appointed a new management team ahead of a planned relaunch of the operation next month as a nationwide sub-prime lender rather than a packager.

The sub-prime mortgage specialist subsidiary of London Scottish Bank will become a lender with a wide range of products covering residential and commercial customers.

The new team will be led by Kevin Cooke who takes the role of head of secure lending.

Martin Coates will be responsible for sales and marketing activity, replacing former directors Mike Rashman and Carl Montlake who have both left the company.

Cooke&#39s track record in the secure lending market includes senior roles at spells at Halifax, Avco and Trans-America. He is also director of marketing for London Scottish Bank.

Last June, London Scottish Bank acquired sub-prime lender and packager Prime Finance for an undisclosed sum. Manchester-based Prime sourced commercial and residential secured loan business through a network of brokers and IFAs.

London Scottish Bank also bought Stirling Direct in 2002.

Cooke says: “The new management team intends to establish LSM as a leading specialist lender for those who find it difficult getting mortgages from traditional high-street banks and building societies. With our revised product range backed up by topclass levels of service, LSM will be the first choice for introducers and their clients alike.”

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