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Mortgage club deal from SML

Scottish Life Mortgages is piloting a mortgage club with national mortgage intermediary Personal Touch Insurance which it then plans to roll out across the industry.

SLM says it will compete head-on with its rivals Prudential Mortgage Service and Legal & General&#39s mortgage club and claims it will have the edge of being the only life office with a packaging arm and a club.

The pilot, being launched over the next few weeks, will offer PTI&#39s national network of brokers, “competitive” procuration fees, provide administration to ensure lenders are paying fees on time and allow brokers to directly submit loan applications to lenders.

SLM is in the process of vetting 10 or more lenders to join its club panel while it already has around 20 lenders, including Bank of Scotland and Bristol & West, on its packaging panel.

To meet future regulatory requirements, SLM is also ensuring all its staff have the minimum Cemap qualification by the MCCB&#39s deadline of December 31.

PTI has over 35 branches with 40 brokers in its network and says it is on course to have 100 branches by September. It currently uses the mortgage clubs of L&G, Norwich Union and Scottish Mutual.

SLM director Steve Scholes says: “We are unique as a life office with a packaging arm and mortgage club. We have chosen to pilot the club with Personal Touch Insurance because it is a decent size. After a pilot of six to eight weeks, we will look to roll it out to other intermediaries.”

PTI chief executive Martin Wilson says: “We will now have one of the largest selection of mortgages available through one source.”

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