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,” he said.
In addition to Pothecary, TML’s board will include David Newman as chief financial officer, Hugh Meechan as chief operating officer, Pete Thomson as sales and marketing director, and Alex Cameron as chief administrative officer and general counsel.
Other key personnel include Alisa Smith, head of credit scoring; Claire Duncan, head of projects; David Hood, head of technology and Derek Brown, IT operations manager.
Mortgages plc was founded in 1997 by a team including Pothecary. securitising over £7bn worth of mortgages.
At its peak, it achieved lending volumes of £2bn. It was bought by Merrill Lynch in 2004.
The Glasgow-based lender will announce its product range, pricing and distribution partners in the near future.