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Bolton staying with BM Solutions

BM Solutions director of mortgages Michael Bolton confirms he is not leaving the lender after speculation he would be taking a post with Countrywide Financial.

Bolton believes American financial services provider Countrywide Financial had been approaching several figures in the mortgage industry but he would not confirm whether he had been approached.

Countrywide Financial is understood to have been looking at breaking into the UK mortgage lending market.

Countrywide Financial is believed to have now postponed any launch into the UK.

Bolton says as the US market has tightened, he believes the firm decided it was not the right time to step into the UK.

San Francisco-based Countrywide Financial owns the valuation arm of Global Home Loans, the UK mortgage processing and loan servicing provider.

Bolton says: “It is flattering to have been associated with Countrywide Financial. However, it is merely a reflection of the outstanding performance of BM over the last three years, resulting in it being one of the biggest lenders in the UK.”

Premier Mortgage Services managing director John Malone says: “There is a fair amount of speculation as to why Countrywide pulled out of the UK. Was it regulatory burdens, the market, the competition?”

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