Aldermore may enter mortgage market

Colin was previously chief executive of Merrill Lynch’s specialist prime-niche lending business, Wave, and was also responsible for the launch and development of specialist prime lenders The Mortgage Business (for Bank of Scotland) and Verso (for Britannia Building Society). He has been joined by ex-colleague Richard Spinks and any new venture is likely to be focused on the intermediary sector.

Phillip Monks, chief executive of Aldermore, said: “Strategically, the UK residential mortgage market represents an important opportunity for Aldermore and I’m absolutely delighted that two leading mortgage experts such as Colin and Richard have agreed to investigate this sector on our behalf. They not only have a wealth of knowledge gained from working in the intermediary sector, but also have a proven track-record and many years experience of running successful mortgage lending businesses.”

Colin Snowdon said: “I was delighted to be asked by Phillip to take a closer look at the mortgage market on behalf of Aldermore which, as a retail funded bank, is well positioned to develop a residential lending proposition. However, there is a lot of ground-work to be done before we are ready to make any further announcements.”