The Mortgage Lender – backed by former Mortgages PLC boss Trevor Pothecary – has finally received its FCA authorisation.
The intermediary only lender has already revealed its products will cater for specialist requirements including standard status borrowers, self-employed, lending into retirement and borrowers with a level of impaired credit history.
The products will be available through networks, mortgage clubs and specialist distributors from launch and are available up to 85% LTV with a 2-year tracker that currently starts at 2.20%, or as a 2 or 5-year fix with rates starting at 2.42%.
The Mortgage Lender chief executive Trevor Pothecary (pictured) said: “We’re delighted to confirm our FCA authorisation.
“We’ve received considerable support from the Regulator since we started talking to them at the beginning of 2015 and bringing a new lender to market in 2016 is rightly a more detailed and time-consuming process than it was when we started Mortgages PLC in 1997.
“The executives and senior management team have invested in this process in every way including funding the business and building the complete infrastructure to enable The Mortgage Lender to both originate and service mortgages in-house.
“I believe this makes us unique amongst the new entrants because we are the only management team to make this level of financial commitment.
“The market needs innovation and competition to keep it healthy and we will see a few new lenders coming to market over the coming years, which can only be a good thing for the consumer.”
The Mortgage Lender has been set up by a team that includes former executives of Mortgages PLC, one of the best known names in the specialist lending market, securitising over £7bn of mortgages. In 2004 it was acquired by Merrill Lynch.