New entrant specialist buy-to-let (BTL) lender ModaMortgages has announced its controlled launch through select distributors and packagers.
From today, ModaMortgages’ range of BTL mortgages for landlords, including options for small and large portfolios, limited companies, individuals and first-time landlords, will be available through these partners.
The lender will make its full national launch in the coming months.
ModaMortgages is the BTL lending arm of digital bank Chetwood Financial, which has been preparing for its launch for two years.
Earlier this year, Chetwood Financial took a hold in the specialist BTL sector with the acquisition of CHL Mortgages for Intermediaries in May.
Andrew Arwas, managing director of mortgages at Chetwood Financial, will lead the ModaMortgages and CHL Mortgages for Intermediaries propositions.
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In the lead-up to its launch, Ian Lonergan, former CEO and founder of Precise Mortgages, has been announced as the group chair of ModaMortgages, while industry veteran Alan Cleary was made the chair of Chetwood Financial’s mortgage advisory board.
Roger Morris, also formerly of Precise Mortgages, joined as group distribution director.
Darrell Walker, who previously worked at OneSavings Bank building and developed the Prestige Finance and Interbay sales and distribution propositions, was named ModaMortgages’ director of sales and distribution. Walker will oversee Scott Phillips, head of sales, and a team of five business development managers (BDMs) covering England and Wales.
Walker (pictured) said: “After a great deal of hard work behind the scenes, we’re delighted to announce our controlled launch. Our leadership team has vast experience in mortgages and specialist lending, and we’re completely aligned in our belief that the market is crying out for smarter, faster, simpler buy-to-let mortgages. ModaMortgages is built on honesty and transparency, and we’re confident that brokers will relish working with us. We’re really excited to start lending to their clients.”
Arwas added: “At Chetwood Financial, we create financial products and brands with a real point of difference – ModaMortgages will achieve this through the no-nonsense, exceptional service it delivers to intermediaries, making buy-to-let lending as quick and simple as possible. The controlled launch period will allow us to demonstrate how successful the ModaMortgages approach can be, and we look forward to rolling it out across the entire market in the coming months.”
