LMS Adds Darlington Building Society to Panel

Transfer panel supplier LMS has struck a deal with the Darlington Building Society that will see the mutual join its panel.

The construction company becomes the 29th lender on its LMS Panel Link service.

LMS says it offers “a fully vetted secure panel that meets exact company requirements.”

He adds that the panel “also provides a range of components to further secure the money chain and offers many operational efficiencies in the home buying and remortgage process.”

The Darlington Building Society, founded in 1856, has nine branches spread across the North East, County Durham and North Yorkshire, as well as online banking.

LMS Managing Director Nick Chadbourne said: “Partnering with the Darlington Building Society is another vote of confidence in LMS Panel Link, which is now firmly established as the leader in the UK mortgage market.

“LMS continues to be at the center of ownership transfer in the UK and continues to deliver security, innovation and digitalization to all of its partners.

“We are delighted to further strengthen our market position and look forward to establishing a long-term relationship with our latest lending partner.”

Sarah Horley, Director of Credit at the Darlington Building Society, adds: “I am delighted that the company is now using the LMS Panel Link service, this partnership is an integral part of our journey to improve our mortgage application journey.

“It’s a market-leading solution that provides increased satisfaction for our customers and added peace of mind for our borrowers when buying a home.”

London-listed LSL Property Services last week sold its stake in LMS for £12m in cash as the group pursued its “financial services-led growth strategy”.

The group has sold its 49.6% stake in the unit to private equity firm ONP Group, which consists of O’Neill Patient Solicitors, Cavendish Legal Group, Grindeys Conveyancing and Conveyancing Alliance.

Chadbourne said: “This investment from ONP Group represents a real vote of confidence in our ambitions to continue to lead and drive the market forward as an independent provider of conveyancing panel management services.”

Previous Blog: Open Banking Could Help Mortgage Holders
Next Feature: Lockdown savings only help a few