Aldermore to offer mortgages in Q2
New bank Aldermore is to launch a range of mortgage products during the second quarter of 2010 exclusively via intermediaries.
The bank promises to take a fresh perspective on a market, which it says has been poorly served by traditional lenders over the past 18 months.
Colin Snowdon, chief executive, residential mortgages at Aldermore, said: “Brokers tell us they have been let down by lenders who have abandoned them and their clients during the recent market slump. Our research shows that perfectly creditworthy applicants are being turned away by lenders who are using high credit scores and low LTVs to restrict business volumes.
“We will announce details about our product range in the near future but suffice to say, we will be targeting both the residential and buy-to-let markets.”
Aldermore’s products will be made available to both directly authorised brokers and appointed representatives via a panel of distribution partners including: 3mc, BDS, Legal & General, Mortgage Intelligence, Mortgage Next, Pink, PMS and PTFS.
Colin Snowdon, along with ex-Wave colleague Richard Spinks, commercial & operations director for residential mortgages, have recruited an experienced team of mortgage practitioners which includes Mark Elden, head of commercial & product development, and Robert Barnard, business development manager.
Underwriting and all post completion servicing will be undertaken from their office in Wilmslow,
Lending will be funded by retail deposits and all mortgages will be held on Aldermore’s balance sheet.
