Mortgage and protection network JLM Mortgage Services has become the first network to add OakNorth, the bank for entrepreneurs, to its lender panel.
JLM member firms will now have access to OakNorth’s recently launched residential mortgage proposition for high net worth individuals, SME business owners and clients with atypical income streams.
Sebastian Murphy, head of mortgage finance at JLM Mortgage Services, said: “We are pleased to see another challenger bank entering the fray and providing our adviser member firms with alternatives to the likes of Coutts and Investec.
OakNorth launches into mortgages
“We are the first network to add this exciting new lender to panel and it gives our ARs even greater options for their high net worth clients.
“OakNorth is in an ideal position to assist these types of clients because they’ve already been lending to them commercially and they understand both them and the risk they represent.
“Being the first to work with a lender such as OakNorth shows that JLM is at the cutting-edge of this market, and we are focused on providing our member firms with quality lending propositions to deliver solutions for borrowers in all circumstances.”
Kevin Appleton, associate director, mortgages, at OakNorth, added: “Our presence on the JLM Mortgage lender panel will no doubt help us achieve our aim of capturing up to 5%-10% of the under-served residential mortgage market by year-end.
“Lenders are typically unwilling to offer bespoke terms to their mortgage products and, as a result, more than one in 10 business owners in the UK are unable to access the finance they need to purchase their first home.
“By leveraging our experience in creating tailored loans for businesses, we can plug this gap and provide our growing portfolio of property investors and developers with mortgage solutions that are attractive, quick, convenient and easy to use.”
OakNorth is currently offering a residential lifetime tracker mortgage available to borrowers seeking to borrow over £500,000, up to 75% loan-to-value – although it will offer 85% LTV in exceptional circumstances.
The product follows the Bank of England base rate, with a floor limit, and is available with two options, both with and without early repayment charges.
Up until now, OakNorth has offered business lending and property finance to UK businesses and this residential proposition for high net worth borrowers has been designed to match its core entrepreneur-focused business.
JLM believes the addition of OakNorth to its lender proposition will help adviser firms who often experience problems with the private banks when it comes to such borrowers, especially in a sector where lending policy can be tight and conservative.
