The bank now lends in both prime residential and specialist mortgage markets.
The bank has signalled its intention to launch Plus Mortgage – a combination of a mortgage with an element of unsecured lending. It is a lifestyle proposition that will offer high credit quality customers, with no deposit, the opportunity to buy a home of their own. Plus Mortgage will be launched in Quarter 2 this year, initially only available through mortgage intermediaries, with a planned roll-out to the bank’s direct channels in due course.
Stephen Leonard, director of mortgages at Alliance & Leicester, said: “Following a strong net lending performance in 2006 we will continue to develop our mortgage business. We have seen strong growth in our specialist mortgage area with the launch of buy-to-let, self cert and non prime in 2006. In Quarter 2 this year we will further extend our range with the launch of Plus Mortgage. We intend to be a major player in this market. This is part of our overall strategy to provide brokers with a strong portfolio of products right across the mortgage market.”
Mehrdad Yousefi, head of intermediary mortgages, added: “We’ve listened to intermediary feedback and are responding with the imminent launch of Plus Mortgage. We intend to offer a serious challenge to those who currently dominate this market by providing a deal that offers both competition and flexibility. Although we appreciate these mortgages may not be suitable for all borrowers, this move should help to meet the growing demand for this type of mortgage.”
