Advantage, the mortgage distributor owned by Morgan Stanley, has today announced its intention to become a sole lender by the end of the summer.
The former packager says it is currently in the process of notifying all lenders, networks and brokers of its plans.
Keith Dearling, managing director of Advantage, says the reason Morgan Stanley purchased Advantage Home Loans in December 2005 was in order to enter the UK non-conforming mortgage market.
Since then the company has launched its own range of products - ADV - funded by Morgan Stanley and developed a direct to lender website www.adv-elect.co.uk.
Dearling adds: “We will now be looking to concentrate solely on developing our lender proposition further and will look to make constant improvements to our product range and significant enhancements to www.adv-elect.co.uk over the coming months. We will also be looking to expand our offering to key packaging partners towards the end of the summer.”
Meanwhile, e:valuate, Advantage’s online decision system will be taken over by Primrose Mortgage Processing. Dearlilng says following discussions with some of its network partners Advantage is hopeful that Primrose will be able to take its current position on their packager panels.
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