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Mortgages plc gets set for move on prime market

Sub-prime lender Mortgages plc is looking to move into the market for prime mortgages in the latter half of the year.

The company currently does some near-prime lending through the Mutual Collective, a collection of building societies which buy new asset classes from Mortgages plc on pre-agreed terms.

It also offers buy-to-let and right-to-buy products as well as adverse credit and self-certification mortgages.

Mortgages plc is pres-ently busy integrating a number of new businesses, with the acquisition of Genesis, a packager and mortgage network, in February, coupled with the purchase of a minority stake in Infinity Mortgages and the launch of a joint venture with Mortgageforce selling non-conforming mortgage and loan products directly to the public.

Sales & marketing director Peter Beaumont says that once these businesses have been integrated in the second half of the year, the company is keen to make a move into the prime market.

He says this could be through an arrangement with another lender or with a bank interested in entering the market.

Beaumont says: “There are a number of banks interested in entering this market and we are happy to talk to them.

“Our ambition is to do prime lending and to cover the whole market, excluding lifetime mortgages.”

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