The lender gains instant distribution through Mortgage plc’s network lender and club panel presence. The lender is financed through a minority shareholding from the Mortgages plc group of companies and by equity provided by financier and chairman Ravi Takhar.
Headed up by chief executive, Matt Gilmour, the company aims to enter the buy-to-let and right-to-buy, light, medium and heavy adverse credit market via branded and correspondent lending arrangements supported by Mortgages plc. The firm plans to fund its own products later in the year.
Gilmour said: “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. Our success will come from a focus on developing competitive products, supported by excellent service.”
The product range will be priced with rates based on a margin above Bank of England Base Rate and not LIBOR, which Infinity suggests is confusing for consumers.
