Ex-Aldermore chief Snowdon sets up higher-LTV venture
Former Aldermore chief executive of residential mortgages Colin Snowdon has started work on a new project specialising in bringing higher loan-to-value mortgages into the market.
Snowdon has set up Colin Snowdon Consulting and his LinkedIn profile says he is working on a “new mortgage lending company, which will use highly innovative structuring and funding techniques” for the pro- vision of high-LTV loans.
Snowdon, who was chief executive of Wave Lending, says: “It is not a mortgage company in the traditional sense that gets warehouse funding and securitises it. We are looking at the problems in the higher-LTV market and looking at ways of bringing in higher-LTV products.”
Emba group sales and marketing director Mike Fitzgerald says: “There is a lot of business for those wanting to get into the high-LTV market. However, funding is tight and there are high capital requirements for higher-LTV business, so good luck to Colin if he can find a way past these problems.”