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Yorkshire arm to deal with non-member lending

Yorkshire Building Society is setting up a subsidiary intermediary business next year, along the lines of Britannia&#39s Verso division, to handle its non-member mortgage lending.

The society says its team of 30 intermediary account managers, who will move to the as yet unnamed subsidiary, have identified a gap in the society&#39s product range which concentrates on mainstream mortgages.

But some in the intermediary channel, which accounts for around 60 per cent of Yorkshire&#39s £2bn mortgage lending, are concerned about being denied access to the society&#39s products and clients missing out on the benefits of mutuality.

Corporate affairs manager David Holmes says: “Yorkshire does not have everything that intermediaries want as we tend to offer vanilla but good-value products. It is important to have a range of products to suit what intermediaries want.”

Charcol senior technical manager Ray Boulger says: “On balance, I would prefer Yorkshire kept the status quo as we have no problems with products or service. But I am wary of saying that without knowing what products will be offered. My concern is it will not offer good mainstream products. Verso has a limited range and its products tend to be inferior to Britannia&#39s.”

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