The Glasgow-based lender will soon reveal details of its product range, which will focus on areas of the market that are currently underserved, including lending into retirement and mortgages for the self-employed.
The mortgage club launch partners are SimplyBiz Mortgages, Paradigm Mortgage Services, The Mortgage Alliance, 3mc, and Residential Home Loans.
The Mortgage Lender has been set up by a team that includes former board members of Mortgages plc, which was launched in 1997. In 2004 it was acquired by Merrill Lynch. At its peak Mortgages plc was lending £2bn a year and its back book went on to become one of the highest performing portfolios in its peer group.
The Mortgage Lender sales and marketing director Pete Thomson, said:
“We’ve been working hard behind the scenes in the run up to our launch and have discovered a huge appetite among mortgage clubs, networks and distributors for a new lender that will challenge the market and provide a better deal for customers.
"Announcing our mortgage club launch partners is the first stage of us making those products available to the market.”
Chief executive of SimplyBiz Mortgages Martin Reynolds, commented:
“We’re delighted to be able to offer our advisers a new, competitive range of specialist mortgages and partner with a team that has a track record of leading product innovation to fulfill specific customer needs.”
Bob Hunt, chief executive of Paradigm Mortgage Services, added:
“The Mortgage Lender has a market leading proposition backed up by slick underwriting and a comprehensive broker portal. We’re pleased to have been chosen as one of its limited number of mortgage club launch partners.”
