Inter Alliance is finalising plans for a mortgage club including the UK’s major lenders and offering products across the market in both the prime and sub-prime markets.
Charles Ansdell, corporate relations manager for Inter Alliance, said he hoped it would be operational before the end of the year, but could not confirm a date.
He said most product deals had been negotiated with the lenders. Although the focus will be on the prime market, he said sub-prime products would be available to the company’s 1,250 advisers across the country.
Other movements in the intermediary market include Towry Law launching its independent mortgage arm ‘ Towry Law Mortgage Services Limited. A joint venture with independent mortgage broker Holdsworth Financial Management, the company will be 15-strong and headed up by managing director Simon Holdsworth and Steve Jones, sales and operations director.
John Simmonds, managing director at Towry Law Group, said: ‘This move expands our horizons and reinforces our proposition as a premium financial brand. Building a mortgage-broking business with high-profile industry figures is a natural move for Towry Law and part of our strategy to grow the company around genuine advice and good service.’
l Intermediary Park Row is also set to expand with the launch of a dedicated arm for the sub-prime market called Park Row Specialist Lending.
The division will have a staff of four and be fed by the 250 Park Row Group advisers. Managing director for Park Row, Kevin Patterson said the division was in the pilot stage at the moment and a formal announcement would be made soon.
He said there was a need to move away from the ‘tainted’ aspect of the sub-prime market, and provide a focused service for borrowers. The division will remain a part of the group.