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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.”


Exchange adds research facilities to Exweb portal

The Exchange has relaunched its Exweb portal in a bid to bring it more in line with IFAs&#39 requirements on researching, quoting and buying products electronically. The new look is based on feedback from IFAs. Part of the redesign includes the creation of a new research centre, which provides a single access point to a […]

Bankhall buys NU&#39s mortgage club

Bankhall has announced the acquisition of Norwich Union&#39s mortgage club, with the sale expected to be completed by May, 2004. Currently the fourth biggest club in the UK with 35 member lenders and 7,000 intermediaries signed up to it, NUMC joins Bankhall only months after the support services provider acquired Prudential&#39s much larger mortgage club. […]

B&CE tells employees – pay into your pension

B&CE, the construction industry&#39s employee benefits provider, has announced it intends to try and motivate employees to increase their contributions to Easybuild, its stakeholder pension scheme. While the scheme is the UK&#39s largest, few employees make any contributions and matching ones made by employers range from £2.51 to £7.50 a week. These will increase to […]

Squirrel brings Mortgage Assess on board

Mortgage network Squirrel Financial Management has announced it has joined forces with the CII/Sofa training facility Mortgage Assess making its online T&C service available to its members. It includes an assessment test so advisers can gain an indication of their current levels of knowledge and training modules so they can revise particular product areas. SFM […]

Is this the endgame for the current mergers & acquisitions boom?

Last year, worldwide mergers and acquisitions (M&A) rose to an unprecedented $4.7tn, according to Thomson Reuters, a 41 per cent increase over 2014. Anthony Forcione, senior equity analyst at Loomis Sayles, an affiliate of Natixis Global Asset Management, looks at what’s been driving this particular wave of mergers. Click here to view full article: Loomis-Sayles


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