The company is marketing a range of sub-prime mortgage products via brokers and a small number of packagers throughout the UK.
Infinity Mortgages has been financed through a minority shareholding from the Mortgages plc group of companies and by equity provided by financier Ravi Takhar. This is a natural partnership given the close relationships between the members of the management team.
The company will initially enter the market via branded and correspondent lending arrangements supported by Mortgages plc itself, before starting to lend its own funds later in the year.
Chief Executive, Matt Gilmour, said: “During the lengthy planning of Infinity Mortgages, we have torn-up the model used by most other lenders. We have created a business with a low cost base and lack of dependency on either corporate shareholders or complex funding arrangements, thereby allowing us to stick to our core business. It’s great to be working in partnership with our friends at Mortgages plc, which provides us with a solid base from which to start.
“Our success will come from a focus on developing competitive products which are supported by excellent service. We will ensure our growth is kept in check with our ability to service the business we generate - something we are confident we can do, because we will not be ‘driven’ by the relentless pursuit of volume.”
Infinity Mortgages is based in Leatherhead in Surrey and has a highly experienced management team, which will be responsible for building the business.
The company’s product line-up comprises facilities for borrowers with light, medium and heavy adverse credit records, as well as a range of buy-to-let and right-to-buy products. All products are competitively priced with rates based on a margin above Bank of England Base Rate (rather than LIBOR, which most borrowers do not understand and find confusing). Full details about Infinity’s current product range and pricing can be downloaded from the company’s website.
Matt Gilmour concludes: “Many of the UK’s sub-prime lenders are chasing market share by moving up the credit curve into specialist niche and prime lending, thereby competing head-on with a large number of established players. This desperate hunt for volume jeopardises future service quality – something we intend never to do. Infinity’s rationale is that if we get service right, then volume will follow-on. Our mission is therefore to focus obsessively on service quality.”
Brokers and packagers interested in finding out more about the range of products and services on offer from Infinity Mortgages can either visit the company’s website at www.infinitymortgages.co.uk or phone the new business hotline on 0845 6012470.
