Castle Trust, a new type of financial institution designed to unlock the UK housing market for both investors and home owners, has appointed Target Group to outsource the loan servicing of its mortgage product.
Target will provide services to support mortgage origination, all post completion loan servicing and portfolio management after Castle Trust launches on 1 October.
The service will be provided from Target’s modern loan and investment servicing operations centre in Newport, South Wales.
Castle Trust cited Target’s track record of working with new lenders and enhancing its software to support new product launches in its appointment decision.
It also gave credit to Target’s ‘Above Average’ S&P rated loan servicing capabilities and client recommendations in the recruitment process.
A Partnership Mortgage is a loan for 20% of the value of your home. It can provide responsible home owners with new choices and added flexibility in how they buy or remortgage their home. Unlike a traditional mortgage, the amount to repay a Partnership Mortgage depends on the change in the value of their home.
Sean Oldfield, Chief Executive Officer of Castle Trust, said: “We are working with a number of the best service providers in the business to ensure our products are functional, transparent and accessible. We’re pleased to add Target to this team. Castle Trust needed a reputable, flexible and experienced loan servicing partner that could work with us from the early days of our business. Target’s track record as a loan and mortgage software specialist, plus its credible experience in loan servicing, provides Castle Trust with just that.”
“We’re delighted to welcome Castle Trust as a new client” said James Snow, Chief Executive Officer for Target. “Partnering with clients at their inception enables us to understand the DNA of their business. By having our own loan software and process flexibility at the core of Target’s servicing business, it enables us to provide the most agile financial administration services for our clients” he added.