News in brief – 1 July 2022

Mortgage Brain has confirmed that Cloë Atkinson has been appointed as chief operating officer. Atkinson joined Mortgage Brain earlier this year through the acquisition of Mortgage Engine, a company she established and launched in the mortgage industry over four years ago. As the firm’s new COO, she will lead the company’s technology and business operations including product innovation, project management, infrastructure and operations, technology development, and quality assurance. Atkinson will report directly to Mortgage Brain Group CEO, Zahid Bilgrami.

The Equity Release Experts has appointed Damon O’Connell as head of advice delivery. In this newly created position, O’Connell will manage more than 80 self-employed advisers at The Equity Release Experts, ensuring they have the support and tools to provide whole of market advice to customers and to develop productive relationships with introducer partners. The Equity Release Experts is the whole of market advice arm of equity release adviser, Key.

TAB has announced that its loan book has grown to £115m. The Hertfordshire-based bridging lender revealed that a £5.1m deal against an £8.5m purchase of a central London property, and a loan of almost £13m, nudged it over the threshold. This nine-month first charge loan was completed at 61% LTV in 48 hours.
CHL Mortgages has introduced a buy-to-let refurbishment product range which is designed to help landlords improve the energy rating of their rental stock. The new products offer the ability to release the costs of the refurbishment upon completion, without having to change product. CHL’s product range has a maximum 75% LTV, pre and post works, which means landlords can release more if the value of the property has increased post works. The maximum cost of work must not exceed 25% of the pre-work property value.

Allica Bank has cut its commercial mortgage rates and also introduced an energy efficiency incentive. The new reduced rates are designed to put Allica’s commercial mortgage products on equal footing with high street banks as it looks to increase pressure on the traditional lending market. Additional rate reductions will be available for mortgages on properties with an Energy Performance Certificate (EPC) rating of A to C, as the bank also boosts its support for SMEs trying to lower their carbon footprint.

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