Newcastle confirms adverse and B2L plans

Newcastle has confirmed that it looking at entering the light adverse and buy-to-let markets.

The plan follow the appointment of Jon O’Brien as head of intermediary lending.

O’Brien will be responsible for developing Newcastle’s plans to provide a product range for the intermediary market.

Most recently, O’Brien worked for five and a half years as operations director at Professional Mortgage Packagers Alliance responsible for over £3.5bn worth of specialist niche mortgage distribution.

Newcastle’s intermediary offering will be developed over the course of this year.

As well as covering traditional prime mortgages, Newcastle is considering products that sit within light adverse and aspects of buy-to-let, as well as expanding its market leading bridging loan business.

Steven Marks, lending and operations executive, at Newcastle says: “We are delighted to welcome on board O’Brien as head of intermediary lending.

“He has extensive experience as well as an array of industry contacts which will stand him in good stead in his new role.

“We are currently assessing our strategic approach and expect to have firm plans in place by the end of the year.

“Meanwhile O’Brien will work on the road, developing the Newcastle proposition and we are confident that he will be successful in expanding Newcastle’s unique offering by introducing more innovative user-friendly intermediary products.”

O’Brien, says: “I am excited to be joining Newcastle and feel that I can continue to steer the society in the right direction.

“I am extremely impressed with Newcastle’s ability to listen to the needs of the marketplace and offer flexible products, which I think will be a strong attraction to intermediaries.

“I am looking forward to starting my role and being part of such a popular and ever-growing organisation.”