Secure Trust Bank has entered the mortgage market to target people underserved by high street lenders.
Secure Trust Bank Mortgages will be headed by managing director Esther Morley, who joined the Solihull-headquartered bank 12 months ago.
Morley has more than 20 years’ experience in the mortgage and banking sector having worked most recently for Kensington Group and previously for Start Mortgages, Investec and HSBC.
The new lender will only sell through brokers and will start by distributing through Mortgage Advice Bureau.
The firm is targetting groups including contract workers, the self-employed, those with complex incomes and those who have credit issues.
Secure Trust Bank will provide loans of up to £2m per household and will offer two-, three- and five-year fixed rate mortgages with a maximum LTV of 80 per cent.
Morley says: “There are millions of people looking to get themselves on the property ladder, move home or find a better deal with a new mortgage provider. Our offering will serve customers who don’t fit the criteria of traditional lenders.”
Morley has been joined by head of sales and marketing Tony Hall who will be responsible for building the broker network for the new business. Hall joins from West Bromwich Building Society, where he was head of distribution.
Mortgage Advice Bureau head of lending Brian Murphy says: “Secure Trust Bank’s primary offering will be targeted at the demographic other high street lenders would term as ‘niche’ and generally choose to shy away from, however this is a highly valuable area of the market which requires pragmatic solutions.”
The lender first announced it was interested in entering the mortgage market in August 2015.