Advantage is currently in the process of notifying all lenders, networks and brokers.
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 the website over the coming months. We will also be looking to expand our offering to key packaging partners towards the end of the summer.”
“e:valuate, our unique on-line decision system, will be taken over by Primrose Mortgage Processing, whose plans for future development will ensure e:valuate remains the market leader in this sector.”
Dearling concluded: “Following recent discussions with some of our network partners we are hopeful that Primrose 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.”
