The Mortgage Alliance Club has added Newbury Building Society to its lender panel, increasing the panel’s diversity and specialist range.
Newbury is known for underwriting all cases on an individual basis, with no credit scoring necessary, and the society offers a diverse range of products for first-time buyers and those looking to remortgage as well as buy-to-let and holiday-let customers.
Highlights of Newbury’s product range include 95 per cent loan to value policies on shared ownership properties, consideration of unusual properties such as self-builds and modern methods of construction and up to 90 per cent LTV on new-builds.
Rob McCoy, senior product and business manager at TMA, said: "Welcoming Newbury to our lender panel reinforces our ongoing commitment to cater for non-standard borrowers.
"With ‘specialist’ lending actually becoming the new norm, it is our aim to equip advisers with a range of solutions to cater for this increasing pool of customers so they too can attain their homeownership goals."
Mr McCoy said a common-sense approach to lending was imperative in today’s socioeconomic landscape and stressed the club would continue to expand its lender panel to ensure members could deliver the best outcome for their clients.
Sales manager at Newbury Building Society, Karen Smith, said the society was delighted to be partnering with the club to expand and enhance its customer outreach.
She added: "Together, we will help more advisers ensure that the needs of those who don’t fit the vanilla mould of traditional lending are met, solidifying TMA as the club of choice for intermediaries."
Commenting on the partnership, David Hollingworth, director at L&C Mortgages, said: "It’s important in the current market for advisers to have access to a really broad range of lenders.
"The smaller mutual lenders have frequently shown that they have the ability to offer well conceived, innovative products with an individual approach to underwriting, which can be invaluable for borrowers."
imogen.tew@ft.com
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