New bank Aldermore offers mortgages in Scotland

Philip Hogg welcomed the arrival of an new lender

The Bank, which has been operating in England and Wales since 2010, will be make its full product range available through independent financial advisers or on its website.

The Peterborough-based lender, which has a number of offices but does not run a branch network, has recruited former Royal Bank of Scotland executive Steve Carruthers as its head of distribution for Scotland. Carruthers will operate from a home-based office in Linlithgow.

A spokesman for the bank said that the lender had always intended to offer mortgages in Scotland and did so “as soon as it got to grips” with the Scottish legal system.

He said that the bank did not reveal its sales volume targets or market share ambitions, but added that it “is not going into Scotland half-heartedly”.

Charles Haresnape, managing director of residential mortgages for Aldermore, said: “We’re delighted to be extending our service into Scotland at a time when the housing market north of the Border is starting to show signs of renewed confidence. Our range of both residential and buy-to-let mortgages will give brokers additional product choice.”

Philip Hogg, chief executive of Homes for Scotland said: “The more choice there is for home buyers and those looking for a mortgage, has to be a good thing.

“We welcome new lenders coming on the scene and offering more choices for consumers.”

Aldermore has lent more than £2.5 billion since first opening its doors for business in the summer of 2009.

Earlier this month the group posted its first full-year profit of £759,000 in 2012, compared with losses of £899,000 the year before.

Aldermore has more than 80,000 accounts for retail and business savers and saw deposit balances leap 59 per cent to £2.1bn at the end of 2012.