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Zurich moves into lending

Zurich Financial Services is to become a mortgage lender with the launch of two products this month under its online Zurich Bank brand name.

Initially the products will only be available through the Zurich Advice Network tied salesforce.

The move is a joint venture with Bank of Scotland which will take a share of profit.

Internet-based Zurich Bank was opened last month, offering savings and current accounts, mortgages and loans.

Zurich spokeswoman Debi Isaac says: “We have been mortgage introducers but this is the first time we have had our own products.”

Brokers give the plans a cautious welcome. Riach Independent Financial Advisers&#39 Bob Riach says: “Zurich&#39s must be different from what is available on the high street as many will not know the name. They might work on higher-income multiples or self-certification.”

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