CHL Mortgages has announced its return to the mortgage market this summer.
CHL Mortgages has announced its return to the mortgage market this summer.
The former buy-to-let lender, which stopped new lending in 2008, will rebrand as CHL for Intermediaries to demonstrate its focus on brokers.
A statement on its website read: “CHL mortgages (sic) is coming back to the market.
“Re-branded as ‘CHL for Intermediaries’ to reflect our allegiance to and support of the intermediary market, we are currently creating a proposition and environment for a mid-year market launch.
“Our emerging intermediary teams will be ready to bring our Buy to Let products and services to our Intermediary partners, to enhance your client choices and to ensure that we work with you to build partnerships that will be based on a principal where we help you build your businesses so that you can help us build ours.”
CHL Mortgages used to be led by the now-managing director of Fleet Mortgages Bob Young but was forced to focus on servicing its existing book in 2008 when the mortgage market was rocked by the worst economic crisis on record.
After Young attempted a series of management buyouts, which were agreed before falling through each time, US private equity firm Cerberus Capital LP finally acquired half of CHL’s £5bn loan book from troubled parent Permanent TSB in March last year.
On hearing about the return of his former employer Young said: “They will be a competitor and I wish them all the best.
“They are probably looking at the likes of Fleet and thinking they can do the same thing but the question is whether they have the experience and knowledge.”
