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Newcastle to put mortgages on IFA platform

Newcastle Building Society is to use its new intermediary platform to provide point-of-sale mortgage offers to brokers.

Commercial director Wendy Lee says it is likely to take 15 to 18 months to develop its investment and savings platform, Newcastle Intermediary Service, into a lending proposition.

It has already signed up Personal Touch Financial Services for the platform following a soft launch in June with 100 Openwork advisers.

NIS is initially offering a Newcastle: Plans to add homeloans within next 18 monthsrange of savings products, including capital guaranteed structured accounts, instant access savings accounts and fixed-rate bonds.

In May, Newcastle joined forces with Edeus in a deal where the specialist lender used its distribution database to introduce clients for Newcastle savings products, offering intermediaries a procuration fee of up to 2.75 per cent.

Edeus managing director Alan Cleary says Newcastle’s launch to intermediaries will not affect its business. He says: “We will potentially be signing another couple of contracts with building societies on a similar basis in the next few weeks. One is very imminent.”

John Charcol senior technical manager Ray Boulger says: “Hopefully, this is a sign that Newcastle will start to make a larger amount of products available to brokers.”

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