Zurich Advice Network is entering the sub-prime market by appointing Enterprise Homeloans to its mortgage lending panel.
Enterprise Homeloans, a trading arm of Enterprise Broker Services will be ZAN's exclusive packager of sub-prime mortgages. Enterprise will place and package schemes for ZAN using its own specialists lender panel consisting of GMAC Residential Funding, Kensington, igroup, Platform, Preferred and SPML.
ZAN says the move follows calls from advisers for more specialist access to this market as they are getting more enquiries that do not meet the usual lending criteria.
Recent research by BM Solutions shows that intermediaries expect the sub-prime market to be the biggest growth area this quarter. Its predictions for the growth of sub-prime business in the next quarter average 4.9 per cent compared with 4.3 per cent for self-certification, 2.4 per cent for mainstream and 2.1 per cent for buy to let.
Zurich mortgage franchise director Richard Coulson says: “Having reviewed the market, I am confident that Enterprise is the right choice of provider. They will enable fast and competitive access to a wider range of client solutions than Zurich advisers have ever had before.”
Enterprise managing director Michael Clapper says: “We are delighted to have been given this opportunity to work with ZAN and intend to deliver an outstanding service to all Zurich advisers.”
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