The Mortgage Lender (TML) has announced the appointments of Neil Hornsby as chief risk officer and Gemma Porter as the new head of credit. Hornsby will sit on the TML executive committee and its board, and will be responsible for managing credit risk, conduct risk, regulation, and compliance, which includes managing TML’s response to upcoming Consumer Duty legislation. Reporting to him, Porter will be responsible for developing TML’s current credit framework, providing direction and guidance to the underwriting team on risk appetite, while creating and maintaining lending policies.

Bevan Money, an aspiring bank with a focus on providing mortgages for public sector workers, has passed a significant milestone on its way to becoming a new UK authorised bank. The business confirmed that it has officially completed the pre-application stage of the Bank of England’s new bank start-up unit. This stage is the longest on the authorisation journey and will now allow Bevan to proceed with its formal application to the regulators. The firm has also announced it will distribute its mortgage products exclusively through the intermediary channel to brokers and distributors.

Landbay has launched a new range of five-year fixed rate buy-to-let (BTL) products with variable fee options. The lender said the move will help cater for challenging rental calculations. Recent rises to mortgage rates across the whole of the industry has left some BTL borrowers, particularly those remortgaging, unable to meet the interest cover ratio (ICR) requirements stipulated by the Prudential Regulatory Authority. In order to help these borrowers meet the ICR, Landbay’s new range comes with a variety of product fee options, which will enable the lender to offer lower interest rates.

Newcastle Intermediaries has re-entered the large loan market with a range of two and five-year fixed rate products. The two-year product is available at 6.45% for up to 65% LTV and on loans between £1.5m and £2m, and the lender confirmed that it comes with early repayment charges of 2% until 31 January 2024 and 1% until 31 January 2025. The range allows enhanced income multiples of up to 5.5 times in a move to provide borrowers with more choice and flexibility.

Bridging lender TAB has announced the appointment of Jason Shead as its new chief risk officer. He is the former head of credit risk at West One Loans, a company founded by Duncan Kreeger, now the chief executive of TAB. Shead will take responsibility for TAB's risk management strategy, overseeing the credit process and providing technical guidance to other departments within the business. The move will also see him become a member of TAB’s credit committee and a key stakeholder for creation and development of lending policy and procedures.

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