The company will now concentrate on developing its own set of products, which currently include the non-conforming product range ADV funded by Morgan Stanley, and Flexishare, a shared appreciation mortgage solution designed to help first-time buyers, key workers and growing families in the UK.
As part of the Mortgage Stanley group, Advantage has invested in technology and developed a decisioning system, ‘e:lect’, which is available to mortgage brokers and networks.
Keith Dearling, managing director of Advantage, said: “This is a landmark for Advantage. Everyone has worked hard to get to this stage and it is a very exciting time as we look to grow the business. So far, 23 networks and mortgage clubs have put Advantage on their lender panels, a fantastic achievement in such a small space of time.
“We will now concentrate on developing our lender proposition and will look to make constant improvements to our product range and to our website. We will also be expanding our offer to partner with key packagers in the next few months.”
Rod Murdison, proprietor of Murdison & Browning, said: “There are a whole host of lenders coming into the specialist mortgage market at the minute and I do wonder how many it can take. Companies can try to beat rates or try to get fees down, but it means limited profitability. But I do feel Advantage has innovative ideas in helping people without sufficient income multiples and it looks like it’s trying to stand out from the crowd. It has come to the forefront my attention unlike other companies, so good luck to it.”
