Andrew Strode-Gibbons, former chief executive and chairman of The Mortgage Lender, has launched a new provider into the market.
Southampton-based Go Business Mortgages will target intermediaries and IFAs looking for commercial mortgages, and will focus its proposition on “fast and efficient” service, underpinned by the hiring of “high calibre individuals”.
Business differentiation will also come through “significant and uncapped commissions”, “typically” not charging broker fees to clients “for most types of mortgage”, and a target of confirming to IFAs immediately whether applicants qualify for fee-free mortgages.
Strode-Gibbons – who sold TML to Kensington Group in July 2002 – adds the focus on commercial mortgages only means there will be no attempts to cross-sell other products to intermediaries’ or IFAs’ clients.
Product-wise, Go will offer: loans from £50,00 to above £10m; up to 85% LTV or 100% with additional security; terms up to 30 years; and loans for business start-ups, businesses with self-certified accounts, and those with “less than perfect credit histories”.
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