The agreement is the latest in a string of third party deals arranged through the society’s subsidiary company, Newcastle Strategic Solutions Limited (NSSL).
Launched at the end of last year, NSSL offers services including mortgage processing, packaging and underwriting, online banking, call centres, mortgage broking and product development, to the financial services market. Deals have already been arranged with Prudential, High Street Home Loans, which was recently bought by GMAC-RFC, and Solent Mortgage Services.
Angus Macnaughton, Corporate Development Executive for the society, said: “Our commitment to innovation and technology, and the quality of our staff, has put us in a strong position to offer a wide range of services to the wider financial market. Our third party processing unit is growing all the time, and deals like this will only accelerate the growth.”
Mr. Macnaughton said the society would process mortgages placed with Commercial First through the Prudential Mortgage Club. The society’s direct sales force, and contact centre in Newcastle, would also promote the service through intermediaries.