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Snowdon says Wave will return

Wave chief executive Colin Snowdon says it will re-enter the UK mortgage market when capital markets reopen.

Snowdon says Wave is one of the only specialist lenders owned by an investment bank to have retained a chief executive following its withdrawal from the lending market.

However, he admits that parent Merrill Lynch would consider selling the firm if an offer was made.

The lender, whose staff have been cut to just 30 from 165 last September, says it has no plan to change its business model fundamentally when the market returns.

Snowdon says: “We are a prime lender mainly specialising in buy to let and self-certification. I do not see any reason for us to leave these markets. There is nothing wrong with these areas.”

He says the company has no plans to follow Edeus’ lead and turn itself into an asset management business.

Snowdon says: “Credit to them that they are trying to find other ways to earn a living. To go into another market, you have to have a credible story to tell. My philosophy for our business is that it is important to stick with what you know.”

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