Non-conforming lender, Preferred Mortgages, has opened a Glasgow office to establish a Scottish base for the company.
The office will service the Scottish and Northern Irish regions, which accounts for 20% of Preferred’s total business. Last year, Preferred completed just under £0.5bn. The operation will be six-strong with plans to expand as required.
George Patellis, operations director at Preferred Mortgages, said: ‘We have been successful in the area and I think having local processing and underwriting will help us.’
He said Preferred also had correspondent lending arrangements with the likes of Deep Blue and Solent Mortgage Services, and a presence in the locality would help develop these relationships.
Patellis said there were no current plans to open an office in Northern Ireland or further offices in Scotland, although he said the option was not being ruled out. He added that he expected the office to help increase business volumes, but would not give specific targets.
The office officially opened on 24 February, and is based in Glasgow’s business district.
Patellis added: ‘This builds on the expected high levels of service that Prefered has developed a reputation for.’