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Savills eyes non-conform market

Savills Private Finance is set to enter the non-conform- ing mortgages market in the new year.

In a break from its traditional focus on top-end lending, Savills is also considering a move into affordable housing and looking to double the staff in its international mortgages arm.

The London firm is looking to expand its broker team and is currently recruiting brokers who have experience in the adverse-credit market.

Savills currently has 130 brokers and is set to open its 21st office in Chelmsford in January.

The firm will build on its existing broking arm, SPF Sherwins, which deals with affordable home schemes marketed through housing associations to expand its presence in the lower end of the market.

Savills sees specific opportunities in this area following Chancellor Gordon Brown’s emphasis on affordable housing in his pre-Budget report.

Director Simon Jones says: “There are many prospects in the non-conforming sector. We would like to see more ideas on products and distribution and would like to see lenders produce better products that are less restrictive.”

Hamptons International Mortgages managing director Kevin Duffy says: “I think that many firms are looking at sub-prime and thinking that they may be missing a trick. I would not be surprised if Savills was looking at lending, too.”

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