Chetwood Bank has announced that it has reached the milestone of £1bn of mortgage lending in the 2024/25 financial year.

The UK-based digital challenger bank operates two specialist buy-to-let mortgage lenders, ModaMortgages and CHL Mortgages for Intermediaries.

ModaMortgages was launched to market earlier this year, while CHL Mortgages for Intermediaries has operated in the market for more than 25 years and was acquired by Chetwood Bank in May 2024.

Chetwood Bank said that its move into the specialist mortgage market has "delivered early success", with a high volume of loans delivered in a "short period of time".

The bank currently holds more than £4bn in total customer deposits across its savings products and flows from distribution partners.

Managing director for mortgages at Chetwood Bank, Andrew Arwas, said: "We’re delighted to celebrate this early but significant milestone. Having only acquired CHL Mortgages last May, and with ModaMortgages only officially launching in January this year, the early traction we’ve achieved is a testament to the strength of both propositions and the hard work of the team. Onwards and upwards from here."

Group sales director at Chetwood Bank, Darrell Walker, added: "The quality of both our lending propositions comes, in no small part, from the amazing foundations we have at Chetwood Bank. Not only do we have a great team and strong finances, but we also benefit from the huge collective experience we have of developing and delivering financial products across different markets.

"We understand what different borrowers and intermediaries need and have a razor-sharp focus on meeting those needs. In the case of ModaMortgages and CHL Mortgages for Intermediaries, this means having a level of service that makes brokers’ lives easier, combined with the right blend of products that landlords want. We have ambitious plans, and I look forward to seeing them unfold in the future as we grow and scale our specialist lending propositions."

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