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Aldermore loans offer new hope for brokers

Paul thomas
Snowdon: ’Clients turned away’

Aldermore plans to offer a range of mortgage products exclusively through intermediaries.

The bank is aiming to launch the range in the second quarter of this year and will target prime residential and buy-tolet markets. It says the homeloans will cater for creditworthy borrowers who are being turned away by some highstreet lenders.

The products will be available to directly authorised brokers and appointed representatives through a panel of distribution partners, including 3mc, BDS, Legal & General, Mortgage Intelligence, Mortgage Next, Pink, PMS and Personal Touch Financial Services

Aldermore residential mortgages chief executive Colin Snowdon says: “Our research shows that perfectly creditworthy applicants are being turned away by lenders who are using high credit scores and low loan to values to restrict business volumes. It is our intention to give brokers the ability to place creditworthy business which deserves to be done.”

John Charcol senior technical manager Ray Boulger says: “There is a limit to how much innovation one can bring into the market but, at this stage, when lending is pretty restricted, there are some good opportunities for lenders which are not being picked up.”

Meanwhile, the FSA has gran-ted Metro Bank a banking lic-ence. The bank plans to open two branches in central London in the second quarter of 2010.

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