A team that includes former board members of Mortgages plc is set to launch The Mortgage Lender, a new venture into the specialist mortgage market.
Based in Glasgow, the new lender will be an intermediary-only proposition. Details of the product range, pricing and distribution partners are set to be revealed shortly with a launch planned within weeks.
Trevor Pothecary, Chief Executive of TML, says: “I can confirm that I am currently working on an exciting project with an experienced team, and we expect to launch a new entrant to the UK mortgage market imminently. There are of course numerous components in such a venture, but we are well advanced in all areas including people, processes, technology, product design, funding, and obtaining the required regulatory approval.”
In addition to Pothecary, the board of TML will also include David Newman (Chief Financial Officer), Hugh Meechan (Chief Operating Officer), Pete Thomson (Sales & Marketing Director), and Alex Cameron (Chief Administrative Officer & General Counsel).
Other key personnel already in place include Ailsa Smith (Head of Credit Scoring), Claire Duncan (Head of Projects), David Hood (Head of Technology), Derek Brown (IT Operations Manager), Scott Callaghan (Head of Operational Finance & Business Risk), Stephen Crawford (Head of New Business), Susan McCallum (Head of Compliance), and Tom Tredwell (Head of Business Intelligence).
Mortgages plc was founded by a team including Trevor Pothecary in 1997 and went on to become one of the best known names in the specialist lending market, securitising over £7 billion of mortgages. In 2004 it was acquired by Merrill Lynch. At its peak Mortgages plc achieved annual lending volumes of £2 billion and its back book went on to be one of the highest performing portfolios of its peer group.