JLM adds OakNorth to panel

Mortgage and protection network, JLM Mortgage Services, has become the first network to add OakNorth Bank to its lender panel.

Related topics:  Mortgages
Rozi Jones
10th May 2019
Sebastian Murphy Rory Murphy JLM
"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."

Earlier this week, OakNorth entered the retail mortgage market with a range of products aimed at high net worth borrowers with atypical sources of income.

JLM member firms will now have access to OakNorth’s residential mortgage proposition, which includes a lifetime tracker available up to 75% LTV or 85% in exceptional circumstances.

The product follows the Bank of England base rate, with a floor limit, and is available with or without early repayment charges.

Sebastian Murphy, head of mortgage finance at JLM, commented: “We are pleased to see another challenger bank entering the fray and providing our adviser member firms with alternatives to the likes of Coutts and Investec.

"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. Being the first to work with a lender such as OakNorth shows that JLM is at the cutting-edge of this market, and we are focused on providing our member firms with quality lending propositions to deliver solutions for borrowers in all circumstances.”

Kevin Appleton, associate director of mortgages at OakNorth, added: “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.”

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