Former Mortgages PLC boss Trevor Pothecary has confirmed plans to launch a broker-only specialist lender in the coming weeks.
The Mortgage Lender will be based in Glasgow and will reveal details of the product range, pricing and distribution partners imminently.
Pothecary, chief executive of TML, said: “I can confirm that I am currently working on an exciting project with an experienced team, and we expect to launch a new entrant to the UK mortgage market imminently.
“There are of course numerous components in such a venture but we are well advanced in all areas including people, processes, technology, product design, funding, and obtaining the required regulatory approval.”
In addition to Pothecary the board of TML will also include David Newman, chief financial officer, Hugh Meechan, chief operating officer, Pete Thomson, sales and marketing director, and Alex Cameron, chief administrative officer and general counsel.
Other key personnel already in place include Alisa Smith, head of credit scoring, Claire Duncan, head of projects, David Hood, head of technology, Derek Brown, IT operations manager, Scott Callaghan, head of operational finance and business risk, Stephen Crawford, head of new business, Susan McCallum, head of compliance, and Tom Tredwell, head of business intelligence.
Mortgages PLC was founded by a team including Trevor Pothecary in 1997 and went on to become one of the best known names in the specialist lending market, securitising over £7bn of mortgages.
In 2004 it was acquired by Merrill Lynch. At its peak Mortgages plc achieved annual lending volumes of £2bn and its back book went on to be one of the highest performing portfolios of its peer group.