New specialist lender The Mortgage Lender has confirmed its imminent launch.
Mortgage Strategy revealed yesterday that former Mortgages PLC chief executive Trevor Pothecary had set up a new lender.
But today The Mortgage Lender announced more details of the launch.
The Glasgow-based firm will launch in the next few weeks and will soon reveal more details of its product range, pricing and distribution partners.
The Mortgage Lender chief executive Trevor Pothecary 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.”
The TML board will include chief financial officer David Newman, chief operating officer Hugh Meechan, sales & marketing director Pete Thomson and chief administrative officer & general counsel Alex Cameron.
The firm has also hired head of credit scoring Ailsa Smith, head of projects Claire Duncan, head of technology David Hood, IT operations manager Derek Brown, head of operational finance & business risk Scott Callaghan, head of new business Stephen Crawford, head of compliance Susan McCallum and head of business intelligence Tom Tredwell.
Mortgages PLC was sold to Japanese-financed Majestic Acquisitions in January 2002 in a deal thought to be worth close to £40m.
Majestic then sold its stake in Mortgages PLC to investment bank Merill Lynch in November 2004.