New correspondent lender Abacus Permanent is set to launch on 12 November. The lender, set up as an independent company by Mortgage 2000, will deal solely in the intermediary market, writes Paul Robertson.
Abacus will operate in the full-status, self-certification, buy-to- let, right-to-buy and adverse credit markets and all products will be exclusive. Funding is provided by Preferred Mortgages and Bristol & West, the latter’s first foray into branded lending.
Intermediaries can track cases online throughout the application process, and can also call a representative direct. It will also provide guaranteed decisions through direct access to its team of underwriters.
Sean Hornsby, sales and marketing director of Mortgage 2000, said: ‘We have decided to focus on technology and service. We have looked at what brokers want and one thing we state publicly is we will honour decisions. It is important when we say we will do a case that we then do it.’
Marc Turner, head of sales at Abacus, added: ‘A broker must be able to trust a company; when we change what we have told brokers then trust breaks down. The customer service and guarantee is important. If we get that right, then brokers will use us. We are also geared to providing easy access to through us electronically, as opposed to traditional paper-based routes.’