Mortgage guru Stephen Knight has announced a delay for his new venture Checkmate Mortgages and now suggests it is unlikely to launch until the second quarter of 2009 at the earliest.
Knight, executive chairman at Checkmate Mortgages, says the market is currently dreadful, leading him to reconsider the new lender’s launch date.
He says: “I did predict there would be a major market correction but I cannot say I foresaw such a big liquidity hit. We said we would be laun-ching Checkmate betweenQ4 2008 and Q1 2009 but we certainly will not be launching then.”
Knight says that the postponement is not a problem for the venture as it is carrying very low overheads which he can afford to fund. He says: “I am taking a very longlook at the market. It is dreadful out there and it is deter-iorating every day. It is a waiting game at the moment. We are doing work on our systems and processes in the meantime.”
Knight says he is always on the lookout for potential acquisitions but, due to the market dislocation, little progress can be made.
The Mortgage Practitioner sole practitioner Danny Lovey says: “There is no better person in position than Stephen to form a judgement. He is the man I have been watching to see when he moves back into the market.”