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Exclusive: Second charge broker opens NI office
Loan.co.uk has announced it has opened a Northern Ireland branch, which will provide second charge mortgage services to local brokers.
The specialist lending brokerage, which also offers bridging and commercial services, found that there was a lack of service for brokers and lenders in Northern Ireland.
Ronan McCaughley will be heading up the Northern Ireland branch after running branches for the Financial House subsidiary of Santander, as well as running the largest independent loan brokerage in Northern Ireland and Scotland.
“I’m delighted to be running Loan.co.uk’s Northern Ireland branch,” Ronan stated.
“I joined Loan.co.uk having seen their ambitions and I’m excited to be part of the next five-year plan.
“We have an experienced team in place, the office is established and we are already processing high-quality applications and building the pipeline.”
Loan.co.uk is already in talks with several additional specialist lenders with a view to them launching products in Northern Ireland.
Paul McGerrigan, CEO of Loan.co.uk, felt the key market factors presented a strong opportunity in the area.
“House prices have grown steadily and are in line with income levels in the province.
“The introduction of [the] 12.5% corporation tax from 2018 will help attract larger businesses from the UK, Ireland and the US, creating skilled jobs with increasing salary opportunities, which will further boost the economy.
“As more lenders look for growth and niche opportunities, they will undoubtedly look across the Irish Sea.”
Brain Shannon, regional sales director at First Complete, said the decision to open a branch in Northern Ireland would improve access to funding for borrowers in the region.
“Enabling borrowers to interact with representatives in their area will boost the region’s already encouraging lending figures, up 26% year-on-year in the first quarter of 2016.
“At First Complete, we have received extremely positive feedback from brokers in our network who have worked with Loan.co.uk.
“They are particularly well renowned for their outstanding customer support team, while also being recognised as quick and efficient in response to customer queries.
“Simply put, Loan.co.uk has rightly taken advantage of favourable market conditions to expand its proposition and we expect more lenders to follow suit.”
Meanwhile, Paul concluded by adding: “In my experience, mortgage intermediaries, IFAs and their customers identify with and like to do business with local professionals where they can.
“This is definitely the case in Northern Ireland and we have addressed that demand.”
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