Mortgage guru Stephen Knight is expected to set up a new lender in 2008/09 with former GMAC-RFC managing director of operations Barry Searle believed to join his previous boss in the new venture.
This comes after GMAC confirmed last week that Searle will be leaving the lender but would not comment on what his next role will be.
It is widely known in the market that Knight is looking at launching a new lender when he hands over his role as GMAC executive chairman to Simon Knight after a six-month transition period ending on September 30..
Speaking about his plans in a Money Marketing interview in June, Knight said: “I am going to start thinking seriously about what my opportunities might be. I think that will be in lending.”
He added: “I go on to my next venture, whatever that may be, in the most fiercely over-supplied market that I have ever known, so the biggest single change is from under-supply to over-supply, with lenders falling over themselves to offer cheaper rates to customers.”