Chetwood Financial acquires specialist lender CHL Mortgages

UK digital bank Chetwood Financial has acquired buy-to-let mortgage lender CHL Mortgages for Intermediaries (CMI) from Barossa Asset Purchaser Sarl. This strategic move follows a competitive bidding process aimed at growing Chetwood’s business and integrating CHL’s seasoned mortgage lending team.

Chetwood, CMI, and Barossa have prioritised a smooth ownership transition, ensuring CMI continues its operations without any interruptions. This acquisition will bolster Chetwood’s mortgage loan portfolio and enhance its presence in the mortgage intermediary market. Additionally, CHL’s specialised lending team will integrate with Chetwood’s upcoming ModaMortgages initiative.

Specialist lending teams to complement Chetwood’s ModaMortgages

Like CHL Mortgages, ModaMortgages will focus on the specialist buy-to-let market, working exclusively with intermediaries. Despite their similarities, the two brands will maintain distinct features. CHL Mortgages blends technology with manual underwriting to offer flexible criteria, while ModaMortgages will emphasize automation and swift decision-making processes.

The two entities will operate under their separate brands, products, and teams, yet benefit from shared expertise and skills within Chetwood Financial. This collaboration is expected to enhance the strengths of both lenders.

Chetwood Financial’s founder and CEO, Andy Mielczarek, said, “CMI is an established, respected brand in the specialist lending space, and we have ambitions to grow operations further in the months and years to come.

“The CMI proposition will complement that of our soon-to-launch ModaMortgages’ proposition perfectly. We’re excited to see both brands flourish side-by-side – and while they will operate independently, no doubt having so much specialist lending knowledge and skill within Chetwood will only contribute to their respective successes.”

Ross Turrell, Commercial Director at CMI, added, “This is a fantastic opportunity to join forces with a digital bank well established in funding buy to let mortgages through the intermediary market. Chetwood’s ambitious growth plans, which include the launch of ModaMortgages, will enable us to continue to develop our competitive product range and broad criteria offering, which has been well received by our intermediary partners.”

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