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Chase de Vere and igroup link up for non-status push

Chase de Vere Mortgage Management has shocked the industry by launching

into the non-status market with igroup.

While igroup is declaring the joint launch of the product in two weeks as

a “ringing endorsement” for itself and the non-status sector, Chase is

distancing itself from the move.

igroup previously traded as Ocwen UK, which attracted criticism for high

mortgage rates and redemption penalties.

Chase de Vere Mortgage Management managing director Simon Tyler says: “We

have designed something which is an adjustment to one of their existing

products but our own position will remain the same.”

The product is designed for the upper end of the non-status market.

Minimum loan is £150,000 with no upper limit and the product has a rate of

1.95 per cent over Barclays&#39 standard rate.

Following its rebranding as igroup, the company is working hard to improve

its image and is hoping the partnership with Chase will boost its plan.

News of the relationship has surprised the industry.

Future Mortgages marketing director Michael Bolton says: “I am surprised

that, given the position of Chase de Vere in the upper end of the

market, it has joined up with Ocwen.”

Mortgage consultancy Market Audit Research director Chris Scales says: “It

is quite significant that they want to deepen the brand in this way and

appeal to the part of the market which is more unusual than the upmarket

and conventional lending requests it deals with.”


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