"Bringing a new lender to market in 2016 is rightly a more detailed and time-consuming process than it was when we started Mortgages plc in 1997."
The Mortgage Lender has moved closer to launch after receiving its FCA authorisation.
Last month, the lender revealed the key features of its product range which is aimed at the self-employed, lending into retirement and impaired credit lending.
The products will be available through networks, mortgage clubs and specialist distributors from launch and are available up to 85% LTV with a two-year tracker that currently starts at 2.20% or as a two or five-year fix with rates from 2.42%.
The specialist distributors who will be able to offer The Mortgage Lender products from launch are Brightstar, TFC Homeloans, 3mc and Residential Home Loans, All Types of Mortgages, Complete Mortgage and Loan Services, Solent Mortgage Services and The Mortgage Trading Company.
The Mortgage Lender chief executive Trevor Pothecary said: “We’re delighted to confirm our FCA authorisation. We’ve received considerable support from the Regulator since we started talking to them at the beginning of 2015 and bringing a new lender to market in 2016 is rightly a more detailed and time-consuming process than it was when we started Mortgages plc in 1997.
“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.
“I believe this makes us unique amongst 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.”