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Scottish Life Mortgages goes national with loan club

Scottish Life Mortgages is starting the national roll-out of the mortgage club it has been piloting over the summer.

The club has also announced a deal with Trigold to use its sourcing platform.

SLM says it becomes the only life office to have a packaging arm and a club, which will negotiate deals for brokers, initially with a panel of 10 lenders, and pay procuration fees as competitive as rivals such as Legal & General and Prudential.

This national expansion of the service, which also provides administration to ensure lenders are paying fees on time and lets brokers submit applications directly to lenders, comes after a test period started in July with mortgage intermediary Personal Touch Insurance.

From December 1, brokers using SLM can access Trigold&#39s online and off-line services which include generation of fact-finds and reason-why letters and a direct download of information to the packaging arm if an application is declined by the club.

SLM director Steve Scholes says: “We carried out a survey which found that most brokers use Trigold, followed by The Exchange and then Mortgage Brain and have chosen Trigold for its online and off-line functionality.”

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