Aldermore to launch intermediary-only products
The new bank also promises to take a fresh perspective on a market which, it says, has been poorly served by traditional lenders over the past 18 months.
Commenting, 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.”
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 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!”