Salt Finance, the lending subsidiary of Derbyshire Building Society, has confirmed it is withdrawing from the residential intermediary market as of today.
The future of Salt has come under scrutiny following the takeover of Derbyshire and Cheshire building societies by Nationwide, a move which is still awaiting FSA and Office of Fair Trading (OFT) approval.
On Wednesday, Nationwide said that, while it will keep both brand names, it will not be taking on the intermediary business of either company.
Salt Finance currently offers retail and commercial mortgages as well as buy-to-let deals.
A message on the company’s website reads: “Salt has announced its withdrawal from the residential intermediary market and is no longer accepting DIPs for new business.”
Salt says the deadline for receipt of direct applications is 6pm 12 September. It says all direct business documentation must be received by it and ready for offer by today.
It adds any applications by packagers with a valid DIP must be received fully-packaged and ready for offer by next Friday, 19 September.
Salt says that, whilst a DIP is valid for 30 days, it does not guarantee a particular product or rate, adding it will not accept applications without a valid DIP.
A spokesperson for Salt Finance was unavailable for comment.
Advisers can speak to the broker support team at Salt Finance on 0845 601 5050.
020 7484 9791
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