OakNorth has entered the retail mortgage market with products aimed at high-net-worth individuals (HNWIs).
The specialist bank will provide lifetime tracker rate products from £500,000 — and above £250,000 in exceptional cases — with the aim of building its mortgage loan book to £260m by the end of the year.
OakNorth has also hired three mortgage advisers: Kevin Appleton, Matthew McDonald and Mark Howell.
Kevin joins from the Financial Ombudsman Service and also previously served at the RBS Group.
Mark has been recruited from the Bank of Ireland, where he held the position of director of marketing and customer management for UK mortgages.
Matthew was previously a broker and also spent 12 years at Coutts & Co, which saw him responsible for managing and building a portfolio of over 200 HNW clients.
“High street banks have limited mortgage offerings when it comes to borrowers who don’t have a regular or established source of income, such as the self-employed or business owners,” claimed Ben Barbanel, head of debt finance at OakNorth (pictured above).
“Private banks, on the other hand, tend to have high entry requirements that are unfavourable to most of these individuals.
“By leveraging our experience in creating tailored loans for businesses, we can plug this gap and provide our growing portfolio of property investors and developers with mortgage solutions that are attractive, quick, convenient and easy to use.”
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