You are here: Home - News -

Capital Home Loans delays relaunch as Tugwell and Truswell exit lender – exclusive

  • 09/05/2017
  • 0
Capital Home Loans delays relaunch as Tugwell and Truswell exit lender – exclusive
Capital Home Loans confirmed to Mortgage Solutions it has shelved plans to relaunch into the buy-to-let market ‘for the immediate future’ due to market uncertainty following the Brexit vote and the buy-to-let market contraction.

CHL chief executive Bob Andrews said the lender plans to focus on portfolio acquisition and servicing third-party debt and was forced to “wind down” the commercial team.

“We spent a lot of time deliberating on strategic options for the new lender and overall strategy but in the end we have been forced to delay the relaunch for the immediate future,” he said.

Both former-commercial director Richard Tugwell and ex-head of national accounts John Truswell exited the Fleet-based lender in the last few weeks and were unavailable to comment.

Former Virgin Money director of intermediaries Richard Tugwell’s role with CHL was confirmed in July 2016 as commercial director ahead of the planned but subsequently delayed summer proposition launch. He was joined at CHL shortly afterwards by John Truswell, also ex-Virgin Money, as head of national accounts.


Other priorities

Asked about timings for relaunch,  Andrews added: “There are so many competing factors to consider and a number of reasons for delaying. We have other priorities to focus on right now, but will maintain good resource and continue to manage our existing portfolios.”

The fortunes of the resurrected CHL brand have been beset by the uncertainty caused by the EU referendum and subsequent Brexit vote. US private equity group Cerberus Capital Management bought the last tranche of CHL’s buy-to-let mortgage book worth £2.5bn at a discount from Northern Irish-based bank Permanent TSB in October 2016. It had bought the first half, again worth £2.5bn, in March 2015.

With the first transaction Cerberus also bought the CHL entity, preparing the way for a relaunch back to market as an intermediary-only buy-to-let lender.


There are 8 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
FCA shelves plans for equity release qualification

The Financial Conduct Authority (FCA) has decided not to press ahead with a standalone or top-up equity release qualification.