This followed a bidding process to acquire the lender, and Chetwood hopes to expand the business and access its experienced mortgage lending team to enhance its existing skills. 

CHL Mortgages for Intermediaries, which trades as CHL Mortgages, will operate as normal, with no planned downtime or impact on its lending operations during the transition process. Chetwood said the firm, Barossa and CHL Mortgages hoped to make the transition between owners “seamless”. 

Chetwood said the acquisition would help it grow its own mortgage loan book and extend its reach in the intermediary market. CHL Mortgages’ specialist lending team is expected to complement Chetwood’s soon-to-launch ModaMortgages brand. 

ModaMortgages will be a specialist BTL lender and be distributed exclusively through intermediaries. 

Chetwood said there would be differences between CHL Mortgages and ModaMortgages, with CHL Mortgages offering the flexibility of combined technology and manual underwriting across a wide criteria range. Meanwhile, ModaMortgages will offer an automated process focused on fast decision-making. 

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The lenders will operate independently under their individual brands, while their products and teams will complement each other and benefit from shared skills, experience and expertise from being part of Chetwood Financial. 

 

‘We have ambitions to grow operations further’

Andy Mielczarek (pictured), founder and CEO of Chetwood Financial, said: “When the chance presented itself to acquire CHL Mortgages, we felt it was simply too good an opportunity to miss out on, so we’re delighted that the deal is now complete. CHL Mortgages is an established, respected brand in the specialist lending space, and we have ambitions to grow operations further in the months and years to come. 

“The CHL Mortgages proposition will complement that of our soon-to-launch ModaMortgages’ proposition perfectly. We’re excited to see both brands flourish side by side – and while they will operate independently, there’s no doubt that having so much specialist lending knowledge and skill within Chetwood will only contribute to their respective successes.”

Ross Turrell, commercial director at CHL Mortgages, added: “This is a fantastic opportunity to join forces with a digital bank well-established in funding buy-to-let mortgages through the intermediary market. Chetwood’s ambitious growth plans, which include the launch of ModaMortgages, will enable us to continue to develop our competitive product range and broad criteria offering, which has been well-received by our intermediary partners. 

“It’s an exciting next step on our journey and one [that] the management team and colleagues at CHL Mortgages [are] very much looking forward to taking.”