Alliance & Leicester announces step into specialist markets
The launch will include buy-to-let, self-certified, near-prime and non-conforming products, and the assets originated will be sold to Lehman Brothers under an agreement.
Mehrdad Yousefi, head of intermediary mortgages for A&L, said: “We are very excited to be nearing our launch into specialist markets and aim to bring choice and competition to the market. This is a cautious entrance, as we want to make sure we get it right. Ultimately, we want brokers to be able to come to us for every client need they have and be a ‘one-stop-shop’ for both intermediaries and consumers.”
Yousefi said the move was a response to brokers requesting specialist products from A&L. He added: “This wider range of deals suits the changing needs of borrowers and it means the answer to them is never no, just the price and product are different. It is a compelling proposition for the intermediary market and fantastic for clients.”
Andy Frankish, managing director of Mortgage Talk, saw the expansion as a good move. He said: “While other lenders have different brands for their specialist products, A&L will have the advantage of being a well-known name that consumers recognise, and so making it easier to sell their products in a highly competitive market. It is the first big lender to offer all products under one name.”
A&L will announce product details in the next few weeks. It plans to continue to focus on the prime residential mortgage market and build on the strong set of results it released showing gross mortgage lending was up to £3.2 billion, with net lending up to £1.4 billion for the first quarter of 2006.