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.
"It is our intention to give brokers the ability to place creditworthy business which deserves to be done. 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. We anticipate launching during the second quarter of 2010 and brokers and borrowers can expect to receive a reliable and refreshingly straightforward service from Aldermore."
Aldermoreʼs 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 an office in Wilmslow, Cheshire, where all customer requirements will be managed from application right through to redemption. Lending will be funded by retail deposits and all mortgages will be held on Aldermoreʼs balance sheet.
Colin Snowdon concluded: "We have spent some time researching the market and I am delighted that the Board has confirmed our aspiration to launch into the intermediary mortgage market. We have all the necessary FSA permissions, access to retail funding, a state of the art processing system, a highly experienced team of people and a panel of leading distribution partners. This is an exciting development both for Aldermore and the
intermediary mortgage market - watch this space for a launch date announcement!"
Intermediaries can obtain further information about Aldermoreʼs mortgage proposition at www.aldermore-mortgages.co.uk.
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