Scarborough Building Society has revealed the principles that will drive the new range of home purchase lending products it will provide.
To separate it from the majority of the mortgage lending market, Scarborough has said it will work to criteria like simplicity, flexibility and transparency of terms to encourage borrowers.
Dubbed "Scarborough Specialist Mortgages" (SSM), Tony Burdin, the head of group marketing, said the offerings from competitors and feedback from consumers had encouraged them to move in this direction.
"One of the main findings of the extensive research we carried out as part of the SSM set-up process was that this market segment is overcomplicated," Mr Burdin said.
"There is almost an expectation that applying for a specialist mortgage should be more difficult than applying for a prime loan, and this makes it harder for both intermediaries and their clients to access the product they need.
"We looked at what many of our competitors were offering and in most cases, the picture was the same - too much complexity in product offerings and criteria, interest rate loadings where we simply don't believe they are necessary or justified, and confusing lending criteria, which take too much time to decipher."
Mr Burdin said his company's offerings would cater to people looking to avoid the common pitfalls of mortgage borrowing mentioned above.To read more about flexible remortgaging, click here.
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