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Specialist provider The Mortgage Lender receives authorisation

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  • 20/05/2016
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Specialist provider The Mortgage Lender receives authorisation
The Mortgage Lender, headed up by ex-Mortgages PLC boss Trevor Pothecary, has received authorisation from the Financial Conduct Authority (FCA) to start lending.

Products will include loans up to 85% loan-to-value (LTV), with rates starting at 2.20% for a two-year tracker.

The lender will cater for specialist requirements including standard status borrowers, self-employed, lending into retirement and borrowers with a level of impaired credit history.

It revealed its intention to launch into the market earlier this year and plans to distribute its products through networks, clubs and specialist distributors from launch.

Chief executive Trevor Pothecary, said the firm had been in talks with the FCA since the beginning of 2015.

“The executives and senior management team have invested in this process in every way including funding the business and building the complete infrastructure to enable The Mortgage Lender to both originate and service mortgages in-house,” he added.

“I believe this makes us unique among the new entrants because we are the only management team to make this level of financial commitment. The market needs innovation and competition to keep it healthy and we will see a few new lenders coming to market over the coming years, which can only be a good thing for the consumer.”

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