Andy Soteriou, managing director of Ambassador Finance, will head up the new company with Helen Hymos as director. AMF London and Ambassador Finance will continue to operate ‘business as usual’ in the interim.
AMF One Stop Mortgages aims to offer whole of market packaging in both the conforming and non-conforming sector to directly authorised intermediaries from 1 November 2004 while enhancing the already existing relationships with its lenders.
Soteriou commented: “Ambassador and AMF London operate in different areas of the industry yet are similar in terms of size, staffing and business volumes. It seemed an obvious choice to bring the experience and reputation of these well-established companies together to form AMF One Stop Mortgages.”
Helen Hymos said: “We want intermediaries to use us as a one-stop shop for all their business. FSA regulation is about best advice, which means best products and service. We believe we will provide this across the whole niche market place for conforming and non-conforming cases.”
John Maltby, group chief executive of Kensington Mortgages which both companies package for, said: “As we draw nearer to ‘Mortgage Day’ businesses are focusing on their structural capabilities with a view to operating in a regulatory environment. Here we see two strong organisations with different synergies and areas of expertise coming together and in doing so strengthening their proposition and the packaging community as a whole.”
Charles Reid, managing director of UCB Home Loans, said: “Helen Hymos has been a valued supporter of UCB for many years. We are delighted to be continuing our relationship with AMF London in this new venture.”
