Buy to Let

Vernon partners with SimplyBiz to boost broker business

Vernon Building Society plans to grow its intermediary business ‘significantly’ after teaming up with mortgage club SimplyBiz.

The partnership marks the first formal distribution agreement for the Cheshire-based lender, which lent £33.3m-worth of mortgages in 2016.

It offers a range of products, including buy-to-let loans, first-time buyer deals and retirement mortgages.

Tom Gurrie, intermediary sales manager at the Vernon, said: “We feel working with SimplyBiz will be an excellent opportunity to work with a club that has a real feel for putting regional societies together with their local brokers. 

“We wanted to work with a distributor that understands the regional market and works closely with brokers in our area.”

Alison Darby, mortgage broker at Poynton-based Alpha Mortgages, said: “They are an older-style lender with manual underwriting. They offer products like regulated buy-to-let, which is rare in this business.

“They also do joint borrower, sole proprietor, self build and have a repayment level up to age 85.

“They do some unusual products like that, and the fact that they are non-credit scoring and manual underwriting is a bonus for the intermediary.”

simon.allin@ft.com

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