Mortgage News
Murakh Building Society starts lending today
Jalandhar-based Murakh building society started lending in the UK this morning and has confirmed “massive” expansion plans.
The Indian mutual launched into the UK with little fanfare today first through selected intermediary partners but it confirmed plans to eventually distribute directly through a branch network.
An insider suggests the first-ever Indian mutual is already offering a tender out to share bank or building society branch offices on a Monday/Wednesday/Friday basis.
Promising procuration fees of 150bp, the new lender says its mutual ethos will be “lived out” in practical terms with both its BDM s specially trained to offer a hug and/or a cup of tea before each face-to-face meeting.
As part of energy-saving plans, Murakh will support a purely paper-based office, with carrier pigeons and ex-police dogs carrying small corporate gifts such as Murakh key rings or shot glasses on collars to deliver external mail.
Murakh chief executive, Bharat Sagar, will be wearing a red turban and taking questions on strategy for the new lender in the bar from 3pm at the Council of Mortgage Lenders (CML) lunch today.
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“We are willing to support national brokers in any way we can – except ones that support Liverpool FC,” he said.