Infinity severs ties with Mortgages plc
The non-conforming lender has just undertaken its first mortgage under its sole brand. It will be funding its products through a financing deal with Investec, the specialist banking group listed on the London and South African Stock Exchange. It is Investec’s first venture into the UK non-conforming market.
Infinity launched in January 2004 and was the first lender to provide fully-compliant online Key Facts Illustrations (KFIs) to mortgage brokers on 30 September 2004.
Matt Gilmour, chief executive of Infinity Mortgages, stressed the importance and value placed on its independence, explaining it would enable the lender to offer greater flexibility and quicker responses to intermediaries’ needs.
He said: “We have achieved exactly what we set out to do and thank Mortgages plc for its invaluable support over the past 18 months. Being the only privately-owned independent lender will give us the flexibility to react to market changes quickly.
“Infinity is run by entrepreneurs for entrepreneurs. We understand that intermediaries demand quick and efficient service that many lenders promise but fail to deliver.”
Ravi Takhar, chairman of Infinity, said: “We have kept our independence to ensure that we continue to focus on our key strengths of delivering service efficiently and on a personal level to our intermediary clients. To date our brokers have been able to contact any of our senior management directly; all our contact numbers are on the website – no other mortgage lender in the UK market offers such accessibility.”
Rob Clifford, managing director of Mortgageforce, commented: “ Independence will give Infinity more clarity in intermediaries’ eyes as there could previously have been confusion regarding Mortgages plc and its product offering.”