View more on these topics

Freehold to distance itself from namesake

Packaging association Freehold is to distance itself from lender Freehold Mortgages to avoid any reputational risk.

The lending side of the organisation, which was established last October as a super-branded lender funded by Investec through Infinity Mortgages, will now be known as FML to avoid confusion and to emphasise the separate nature of the organisations.

Terry Pritchard, recently appointed managing director of Freehold, says: “We are aware that Freehold the lender is not run by Freehold the packaging association.”

Unlike Unity Mortgages, which is owned by the members of the Professional Mortgage PackagersAlliance, Freehold’s members do not have shares in the lender.

Instead, Matt Gilmour and Ravi Takhar, the brains behind Infinity Mortgages, have 50% of the shareholding in FML, while former Freehold spokesman Paul Brett and Chris Fleetwood, who runs the PR for Freehold, each has a 25% stake. Freehold members will receive 20% of Brett and Fleetwood’s combined 50% share.

Recommended

Commercial First changes loan procedures

Commercial First has changed its loan processing requirements and procedures to speed up the flow of information to intermediaries.This means that all mortgage documentation, including legal charges and terms & conditions, will now be emailed to the intermediary with hard copies following in the post.Commercial First has also reduced the amount of information required to […]

Amber launches fixed-rate range

Amber Homeloans has launched a range of three-year fixed rate products. The products are at 5.99% full status and 6.09% self-cert, and are available for borrowers with up to 15,000 of CCJs. There is also a prime self-cert product with a fixed rate of 5.59% at 95% LTV.CCJs and defaults are ignored if over three […]

Chelsea promotes Ford to executive board

Chelsea has promoted Peter Ford to its board as resources director.Ford has worked for Chelsea for 17 years in a variety of management roles and has been part of the executive team since January 1 2003. He is a chartered accountant and will be responsible for the staff, communications, legal, business change and IT functions. […]

London house prices continue to soar

The Nationwide quarterly house price review has revealed that London house prices have continued to soar into 2007, with the average house costing nearly £270,000.The rise in the capital dwarfs any other national averages, with the national house price average being £172,065, a 9.3% annual change. London has seen a 11.3% rise, bringing the average […]

How to cut mortgage fraud risk

Recent figures from Financial Fraud Action UK revealed a financial scam was committed, on average, every 15 seconds during the first six months of 2016, says Roy Armitage, head of credit at Lendinvest. That represents a 53 per cent rise year-on-year, with these scams coming in all shapes and sizes. Furthermore, a staggering 56 per cent of […]

Newsletter

News and expert analysis straight to your inbox

Sign up