OakNorth, which launched this week targeting high-net worth, business-owning or atypical clients with complex income streams, is driving to hit £260m of lending this year.
JLM said that this panel addition will help adviser firms who often experience problems with the private banks when it comes to such borrowers, especially in a sector where lending policy can be tight and conservative.
OakNorth is offering a residential lifetime tracker mortgage available to borrowers seeking to borrow over £500,000, up to 75% loan to value (LTV), although it will offer 85% LTV in exceptional circumstances.
The product follows the Bank of England base rate, with a floor limit, and is available with two options, both with and without early repayment charges.
‘Alternatives to Coutts and Investec’
Sebastian Murphy, head of mortgage finance at JLM Mortgage Services (pictured), said that the team is pleased to see another challenger bank entering the fray and providing our adviser member firms with alternatives to the likes of Coutts and Investec.
He added: “We are the first network to add this exciting new lender to panel and it gives our ARs even greater options for their high-net worth clients. OakNorth is in an ideal position to assist these types of clients because they’ve already been lending to them commercially and they understand both them and the risk they represent.”
More than one in ten business owners unable to purchase first home
Kevin Appleton, associate director of mortgages at OakNorth, said: “Our presence on the JLM Mortgage lender panel will no doubt help us achieve our aim of capturing up to 5-10% of the under-served residential mortgage market by year-end.
“Lenders are typically unwilling to offer bespoke terms to their mortgage products and, as a result, more than one in ten business owners in the UK are unable to access the finance they need to purchase their first home.
“By leveraging our experience in creating tailored loans for businesses, we can plug this gap and provide our growing portfolio of property investors and developers with mortgage solutions that are attractive, quick, convenient and easy to use.”