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Winterthur new loan firm set to shake up &#39cosy club&#39 of lenders

Winterthur is setting up a new company to shake up what it sees as the

“cosy club” of high-street lenders.

The new player, Promise, is also aiming to sideline brokers, who it claims

are often perceived as adding costs but not benefiting customers.

Winterthur-owned Promise will sell mortgages over the phone and internet

and plans to offer no frills mortgages starting with its base rate tracker

product launched this week. The company gets its lending power from Royal

Bank of Scotland and the Woolwich.

Promise says it is aiming to pioneer a fresh and honest approach to

mortgages, with no redemption penalties and no post-completion fees.

The company is offering mortgages and remortgages to people who have a 25

per cent deposit or equity in their homes.

Director of operations Kieran Hedigan believes any fees which brokers

receive for selling mortgages undermines the independence of advice and

says Promise&#39s emphasis will be on “ethical lending and a what you see is wh

at you get approach”.

He says: “New entrants such as Standard and Egg have changed the face of

lending forever by shaking up the cosy club of mainstream lenders. We hope

to do the same.”

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