View more on these topics

Infinity announces first mortgage completion under sole brand

Infinity Mortgages, the sub-prime mortgage lender, has announced its first mortgage completion under its own sole brand.

Infinity is funding its mortgages through a financing deal with Investec, the specialist banking group listed on both the London and South African Stock Exchanges. This deal is Investec’s first venture into the UK’s sub-prime mortgage market.

Matt Gilmour CEO of Infinity, says: “We have achieved exactly what we set out to do. We are the only privately-owned independent mortgage lender in the market which gives us the flexibility to react to market changes quickly. Infinity is run by entrepreneurs for entrepreneurs. We understand that intermediaries demand quick and efficient service that many lenders promise but fail to deliver”.

Ravi Takhar, chairman of Infinity, adds: “We have kept our independence to ensure that we continue to focus on our key strengths of delivering service efficiently and on a personal level to our broker clients. To date our brokers have been able to contact any of our senior management directly, all our contact numbers are on our website – no other mortgage lender in the UK market offers such accessibility”.

The deal was completed within a very short time frame with Andy Clapham, head of principal finance at Investec.

Clapham says: “This deal gives Investec a point of entry into the UK sub-prime mortgage market. The attraction of this deal is the strength of Infinity’s model for business and management team. We have complete faith in Infinity’s ability to deliver mortgages in the volume that we require”.

Under this funding deal Infinity retains all customer contact for duration of the mortgage.

Prior to the Investec deal, Infinity’s mortgages were funded by Mortgages PLC. Gilmour says: “We thank Mortgages PLC for their invaluable support during the past 18 months. It is however time for us to leverage our independence”.

Infinity Mortgages has been authorised by the FSA to conduct lending activities since October 31 2004 and have been full CML members since September

Recommended

Cleaning revealed as number one tenancy dispute

Cleaning is the number one source of deposit disputes in the 12 months since the Tenancy Deposit Scheme received its first disagreement to be resolved between landlord and tenant. The scheme, for regulated letting agents and their landlords, went live in May last year, and so it took six months before the end of a […]

MPLC enhances products for winter special range

Mortgages PLC is announcing a number of enhancements to its product range as part of a winter special promotional campaign. The enhancements include rate reductions of up to 0.5% and a number of changes to criteria and underwriting processes.The winter special includes all three-year fixed rate mortgages reduced by 0.5%, all two-year fixed rate mortgages […]

Post-hurricane reconstruction opportunities

UK Trade & Investment, in cooperation with Louisiana Economic Development and UK regional groups in England and Scotland’s Business Gateway, will hold a series of seminars to brief companies on post-hurricane reconstruction opportunities in US Southern States estimated to be worth 140bn.The events will be held in London, Aberdeen and Manchester during Monday October 31 […]

Postal plan could affect sales

House buyers and sellers may have to take into account the cost and inconvenience of posting letters if plans to change the way postage is paid for go ahead. The postal monopoly ends in January and there has been much discussion about the knock-on effect this will have on a system that delivers 84 million […]

taxes

Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.

Newsletter

News and expert analysis straight to your inbox

Sign up