Secure Trust Bank is today launching a UK mortgage offering focusing on those individuals who might struggle to bag a loan from a high street lender.
The Solihull-headquartered challenger is honing in on the self-employed and the gig economy. Those people working in these fashions might struggle to prove their income to a bank and therefore might find it trickier than employees to get a mortgage.
The bank intends to offer loans of up to £2m per household on a two-, three- or five-year fixed rate basis with a maximum loan to value of 80 per cent.
Secure Trust Bank Mortgages will be headed by managing director Esther Morley, who joined the bank around a year ago and has previously worked for Start Mortgages, Investec and HSBC.
"There are millions of people looking to get themselves on the property ladder, move home or find a better deal with a new mortgage provider," said Morley. "Our offering will serve customers who don't fit the criteria of traditional lenders."
Paul Lynam, group chief executive at Secure Trust Bank, added:
As one of the most strongly capitalised banks in the UK, Secure Trust Bank is very well positioned to progress our entry into the mortgages market as part of our long term diversification strategy.
Enabled by a state-of-the-art operating platform and good old fashioned personal service delivered by skilled humans, not machines, we will strive to support creditworthy customers as they seek to buy new homes or remortgage.