Britannic Money has been re-branded as Mortgage Trust. Its new owner, Paragon Group, envisages the new company focusing on flexible lending to smaller landlords intent on building their property portfolios.
To this end, Mortgage Trust has revealed its initial mortgage offering to the market, with three new mortgages. They are a two-year discount at 4.4%, a three-year discount at 4.64% and a one-year fixed rate mortgage at 4.69%. A key feature to the products’ design is that borrowers can agree a loan amount greater than they immediately need and hold it in reserve to fund further property purchase.
However, the move has not been painless and Paragon has announced a restructuring of Mortgage Trust’s business. This will result in 160 redundancies in Epsom, with 65 people retained and 70 new positions in Solihull.
John Heron, group director of mortgages at Paragon Group, is overseeing Mortgage Trust’s strategy. He said: “The brand will provide commitment, outstanding service, and a flexible approach to lending.”