This latest development follows the company’s recent acquisition of a majority shareholding in Mortgage Next and expansion into both Spain and Sweden.
The product range, which will initially be marketed via Pink Home Loans Premier panel of brokers and then rolled-out to Mortgage Next’s membership base, includes self-cert, buy-to-let, let-to-buy, full status and non-conforming products. The range has been carefully developed to address issues which most other lenders have left unanswered, such as restrictive income multiples, credit score based underwriting, inadequate LTV’s, MIG insurance being charged on prime mortgages and interest rates linked to LIBOR, which few borrowers understand (full details of the product range are available from Freedom’s website: www.mortgages.freedomfinance.co.uk).
Colin Snowdon, Managing Director, Lending for Freedom Finance, said: “The launch of Freedom Finance has taken more than 12 months to translate from plan to reality, but it’s great to finally ‘go live’. Becoming a lender in our own right is a cornerstone of Freedom’s strategy and we now intend to focus on building volume. During the forthcoming 12 months we will forge relationships with a number of distributors and also establish funding deals with other lending institutions.”
Freedom Finance has initially agreed a warehouse funding line with a leading commercial bank and is in advanced talks with other lenders regarding portfolio sales and possible joint venture arrangements.
Snowdon added: “As we entered 2004 Freedom Finance was a brand familiar only to brokers operating in the secured loans market. By the time we exit the year, we intend to be firmly entrenched as a mortgage brand in the minds of brokers throughout the country. There is plenty more to come from Freedom – watch this space!”
In the UK, Freedom Finance employs more than 400 people and is part owned (53%) by JZ International Ltd, the international arm of the US based Jordan Corporation. The Jordan Corporation owns businesses worldwide with a collective annual turnover of approximately $4billion.
Freedom Finance was recently placed amongst the ‘best 100 companies to work for’ by the Sunday Times and has also been short-listed amongst its ‘Fast Track 100 companies’.
