Britannia Building Society will call its new one-stop shop for mortgage intermediaries Platform. Th...
Britannia Building Society will call its new one-stop shop for mortgage intermediaries Platform. The new business, formed from the merger of Britannia subsidiaries Platform Home Loans and Verso, will launch in January 2003.
Platform Home Loans is known as a mortgage lender to non-conforming borrowers, who are unable to obtain a mortgage from high street lenders due to a less than perfect credit history or an unconventional employment record.
Verso is known as an intermediary mortgage lender specialising in self-certification and buy-to-let mortgages.
"Platform will be positioned as the "one stop shop" in the intermediary marketplace and will be developing a cascade underwriting system to provide an offer for nearly every borrower," says Gerald Gregory, managing director of Britannia Capital Investment Group, on prospective plans with the merged business.
As part of the merger, Verso staff working out of their Leek, Staffordshire office will be redeployed with Britannia in the same area. Sales personnel will work from home.
According to David Tweedy, managing director of Platform, more products are already being developed to bridge the gap between the businesses. More information on new products will be released in January, he adds.
The Platform name was chosen following independent research conducted by Britannia with a group of leading mortgage intermediaries.
"We have chosen to retain the Platform name for the new business as it perceived by intermediaries to have a particularly strong reputation for service and products," says Gregory.
According to Britannia, the research showed that intermediaries view the 'one-stop shop' model as a positive move. Platform will provide mortgages for nearly every borrower regardless of credit status. It will do this by offering a wider product range, with prime to non-conforming products under one roof.
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