View more on these topics

Premier push into sub-prime

Premier Mortgage Service is to drive aggressively into sub-prime after completing 107bn worth of mortgage business since it was set up in 1997.

Completions for the firm- any reached 27bn in 2004 but less than 100m of this total was in the sub-prime sector.

PMS, which was originally part of Prudential and now incorporates Norwich Union’s mortgage club, was acquired by Bankhall in January 2004 is looking at hitting the 200bn mark with a more significant slice of earnings from the non-conforming sector. It has 16,000 users.

Managing director John Malone says despite the company pressing into the sub-prime market, it remains committed to the online and direct-submission route and says he will not use packagers.

He says: ” We are really looking at sub-prime becoming a bigger part of the business model. There are plenty of opportunities to work with new companies and new strategies.

“Development with the likes of Kensington and BM Solutions are strategic to our proposition in non-conforming and sub-prime.”

Recommended

Schroders’ funds under management hit 20bn

Schroders expanded its business more than any other major fund company last year, increasing its retail funds under management by almost half to 19.8bn. The UK fund industry review 2005 shows that Schroders increased funds under management by 49 per cent, from 13.3bn to 19.8bn. Its nearest rival among firms with over 10bn under management […]

Build an informed opinion

In my latest series of articles, I will be look- ing at the current state of investment markets, covering the main asset classes used in portfolio construction – cash, fixed interest, property (direct investment and property shares) and equities.

Suite move by Tenet

The Tenet Group is setting up two new businesses to create a support services suite for directly regulated IFAs. IFA Professional, the support services provider for investment and pension intermediaries, will be positioned alongside new firms Mortgage Professional and Insurance Professional, which both launch in early September. Glenn Chapman, who joined Tenet from Sesame in […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment