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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
NAB appoints new group CEO and MD
National Australia Bank (NAB) has named Ross McEwan (pictured above) as its new group chief executive officer and managing director...
The Co-operative Bank extends free SME banking offer
The Co-operative Bank has extended its free banking introductory offer for new SME customers by a year...
Cloud migration: Key considerations for financial services
More than ever, it is imperative for financial services organisations to migrate to the cloud...
Maria Harris set to leave Atom bank
Atom bank has revealed that its director of retail mortgages Maria Harris (pictured above) is set to leave to become an independent consultant in the mortgage market...
Handelsbanken reports 6% surge in UK lending
Handelsbanken has reported a 6% increase in UK lending to £21.4bn in Q2 2019, compared with Q2 2018...
Tandem reveals development of new mortgage product
Tandem Bank has revealed that it’s developing a new mortgage product which will be suitable for first-time buyers...
Goldman Sachs invests €25m in Raisin
Goldman Sachs has provided €25m of funding to Raisin...
The power of partnerships
Since our launch in September 2015, we have proven our ability to innovate in the UK savings market, which has been recognised with various savings awards...
N26 rebrands premium account
Mobile bank N26 has launched a premium accounts product named N26 You...
Sesame adds Investec Private Bank to panel
Investec Private Bank has been added to Sesame’s panel...
84% would change financial services provider due to poor complaints experience
More than eight out of 10 customers (84%) claim that they would change financial services provider due to a poor complaints experience, according to the latest research...