Equity loan provider Castle Trust has appointed former Nationwide Building Society group distribution director Matthew Wyles as a senior adviser to its group board.
Wyles, who was chairman of the Council of Mortgage Lenders between 2009 and 2010, left Nationwide in December following a restructure.
He was an executive director of Portman Building Society for eight years before it merged with Nationwide in 2007.
Castle Trust chief executive Sean Oldfield says: “Equity loans offer huge untapped potential in the UK and Matthew’s energy, experience and focus will be invaluable in helping me drive the business forward.”
Wyles says: “I think the launch of Castle Trust is the first really interesting new development we have seen in the market for a long time. It is significant that Castle Trust and its offering have been rigorously reviewed and approved by the FCA – a very positive signal that regulators appreciate the need for more real choice for customers.”
Last month, Money Marketing revealed Castle Trust was looking to launch a new partnership mortgage where borrowers only need a 10 per cent deposit following the Government’s recent Help to Buy plans.
Borrowers with Castle Trust are currently required to provide a 20 per cent deposit in return for a 20 per cent equity loan. They are then able to access rates associated with 60 per cent LTV mortgages.
The loan, available on properties valued up to £2m, is interest free for a 25-year term but requires a repayment of the original sum plus 40 per cent of the capital gained on the property when sold. Castle Trust shares 20 per cent of any reduction in property value.
London and Country head of communications David Hollingworth says: “Matthew has an extremely strong pedigree in the industry and that was always going to be an asset to whoever is able to engage his services. It will be interesting to see what he can bring to the Castle Trust proposition.”