After announcing plans to launch an equity release advice service in quarter 4 Mortgages plc and broker franchise Mortgageforce have teamed up again to establish another direct to consumer brand - this time for the non-conforming sector.
The multi-million pound funded entity will be based in Derby in 4,500 square feet of office space and owned 50-50 by Mortgageforce and Mortgages plc. Stephen Leather, ex-sales director of Derbyshire Building Society, will run WOW! MORTGAGES.
Board members include Peter Beaumont, sales and marketing director at Mortgages plc, Rob Clifford, managing director at Mortgageforce and multi-millionaire Chris Hickling who was rumoured to be involved in a bid to buy up Bradford & Bingley’s estate agencies and mortgage broker Charcol.
Recruitment for a specialist sales team is underway and a selected number of Mortgageforce franchisees will also provide face-to-face advice to WOW! customers.
Mortgageforce was unwilling to comment.
But Julian Wells, marketing manager at Mortgages plc, said: “Our joint-venture with Mortgageforce is progressing well and we hope to set a launch date in the very near future.”
Mortgages plc has also announced funding deals with two branded lender partners this year. Non-conforming specialist lender Infinity Mortgages launched first in February followed by Oxygen, a self-cert, non-conforming lending arm that launched last month.
Mortgageforce also plans to launch a Spanish property mortgage subsidiary alongside the equity release business in the second half of 2004.
