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Colin Snowdon joins Saffron Building Society

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Former Aldermore chief executive of residential mortgages Colin Snowdon has joined Saffron Building Society as executive partner of mortgage strategy.

Snowdon will focus on Saffron’s specialist lending and help develop its offering to brokers and borrowers.

Snowdon says: “There is currently not enough diversity in the UK mortgage market. The big six lenders dominate the vanilla space, accounting for around 90 per cent of gross lending.

“That ca not be good for consumers – or indeed for those lenders themselves. There is lots of talk about the need for more competition and diversity and therefore I hope people recognise the important and innovative role regional building societies play, and will increasingly play in the market.”

In 2010 Snowdon launched Aldermore’s residential mortgage business before leaving after less than a year because of disagreements over the restructuring of the mortgage division.

Snowdon also worked at specialist lender and Merril Lynch subsidiary Wave Mortgages before it stopped lending in 2008 and recently set up a high LTV lending solution in a consultancy role.

Saffron chief executive Jon Hall says: “We are pleased to have appointed Colin Snowdon, a recognised industry expert and someone I have known and respected for a number of years.

“We understand the increasing importance of innovation in the mortgage market and the need to continue to build on our specialist, bespoke approach to mortgages. It’s great to have such an experienced individual on the team.”

Saffron reports a 97 per cent increase in gross lending for the six months to June 2012, compared to the previous year.

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