Secure Trust Bank enters UK mortgage market

Secure Trust Bank enters UK mortgage market

Secure Trust Bank has announced that it has entered the mortgage market launching Secure Trust Bank Mortgages

According to the lender, the new mortgages arm will be "100% committed to intermediaries" and has initially agreed an exclusive distribution partnership with Mortgage Advice Bureau. This means that all MAB members now have full access to Secure Trust Bank’s specialist mortgage services and all brokers will deal directly with the Bank’s team of underwriters. It plans to roll out to other intermediaries after the initial launch period.
 
Secure Trust Bank will provide loans of up to £2m per household and will offer two, three and five year fixed rate mortgages with a maximum LTV of 80%. The bank will lend to customers who are often overlooked by the high street lenders including contract workers, the self-employed and those with complex incomes or those who have experienced a credit blip.


Secure Trust Bank Mortgages will be headed by managing director Esther Morley, who joined the Solihull-headquartered bank 12 months ago. Morley has more than 20 years’ experience in the mortgage and banking sector having worked most recently for Kensington Group and previously for Start Mortgages, Investec and HSBC.
 
Secure Trust Bank made its move onto the London Stock Exchange’s Main Market in October 2016, valuing the company at £427.5m.

Esther Morley, managing director at Secure Trust Bank Mortgages, said: “There are millions of people looking to get themselves on the property ladder, move home or find a better deal with a new mortgage provider. Our offering will serve customers who don’t fit the criteria of traditional lenders. We completely understand the finance problems our customers face and will work in partnership with Mortgage Advice Bureau to ensure we are placing more complex cases easily.
 
We will stand out from others in the market by providing an exemplary service with smart operating systems that will be fine-tuned to respond faster and make everybody’s life much easier. The team will be committed to offering bespoke services with a personal touch, and this will move us one step closer to becoming Britain’s best bank.”
 
Morley has been joined by head of sales and marketing Tony Hall who will be responsible for building the broker network for the new business. Hall has an impressive record in the industry spanning over 25 years including his most recent role at West Bromwich Building Society as head of distribution.
 
Paul Lynam, Group Chief Executive at Secure Trust Bank, added: “As one of the most strongly capitalised banks in the UK, Secure Trust Bank is very well positioned to progress our entry into the mortgages market as part of our long term diversification strategy. Enabled by a state-of-the-art operating platform and good old fashioned personal service delivered by skilled humans, not machines, we will strive to support creditworthy customers as they seek to buy new homes or remortgage.”
 
Brian Murphy, Head of Lending at Mortgage Advice Bureau, said: “We are delighted to be partnering with Secure Trust Bank at the outset of their launch in the UK mortgage market. Secure Trust Bank’s primary offering will be targeted at the demographic other high street lenders would term as ‘niche’ and generally choose to shy away from, however this is a highly valuable area of the market which requires pragmatic solutions.  Therefore, the entry of Secure Trust Bank into this sector, along with others, provides much needed competition and choice for consumers, and we’re very much looking forward to working with them.”

Join our mailing list:

Leave a comment



Latest Comments

Tony Gimple
Tony Gimple 09 Dec 2017

Linking professionalism to limited company borrowing is a flawed concept. Despite S24 etc., limited companies are the most tax inefficient way of running a property business and leave borrowers seriously...

view article
Evelyn Attwood
Evelyn Attwood 01 Dec 2017

It's normal. If you plan to buy a house in one of the most beautiful spots in the country you should pay a high price.

view article
Evelyn Attwood
Evelyn Attwood 01 Dec 2017

I think that the situation will be the same at December.

view article
Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

view article
richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

view article
Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

view article
maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

view article
maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

view article
zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

view article
Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

view article
Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

view article
RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

view article

Related stories

More articles from Finance