It is currently in the process of notifying networks, lenders and intermediaries before its launch as a lender later in the year.
Announcing the move to become a sole lender, Keith Dearling managing director of Advantage, said: “Morgan Stanley purchased Advantage Home Loans in December 2005 in order to enter the UK non-conforming mortgage market. Since then, Advantage has launched its own range of products – ADV – funded by Morgan Stanley and developed a direct-to-lender website.
We will now be looking to concentrate solely on developing our lender proposition further and will look to make constant improvements to our product range and significant enhancements to www.adv-elect.co.uk over the coming months. We will also be looking to expand our offering to key packaging partners towards the end of the Summer.”
Dearling confirmed Primrose Mortgage Processing would take over the e:valuate online decision system. He said: “Following recent discussions with some of our network partners, we are hopeful that Primrose Mortgage Processing will be able to take our position on the packager panel of the majority of networks with whom we work. Thus insuring minimal disruption for their members and continued distribution for our lending partners who have supported us so well over the years.”
Paul Hunt, head of marketing at Platform, said: “Advantage has been an excellent supporter of Platform, but over the past year or so volumes have fallen slightly. We will continue to work with Advantage until it becomes a fully fledged lender and wish it all the best for the future.”
