US firm Carrington enters UK market

The chief operating officer of the Carrington Holding Company said the move across the Atlantic was part of long-term growth plans to “expand the company’s reach across the UK”.

The company bought residential mortgage advisory firm Clear Financial Solutions, which has offices in Stonehaven and Anstruther, and is expected to rebrand and operate the firm under the name Carrington Mortgage UK.

In the immediate future, the expansion plan for Carrington Mortgage UK calls for adding additional offices in Scotland and establishing a centralised operations centre to support lead generation and mortgage processing.

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Longer term, he said Carrington, which launched in California in 2003, plans to expand the company’s reach across the UK.

Mr Gordon said: “Carrington is acting on a timely business and market opportunity in the UK that allows us to actively leverage our core suite of capabilities and expand our footprint to meet the needs of borrowers on an international scale.

“Considering the optimistic outlook for Scotland’s real estate and mortgage markets, along with expectations for how this year’s regulatory changes will reshape the mortgage-lending landscape in the UK, we believe that Carrington’s entry into Scotland and the UK is well timed.”

He added that Carrington plans to capitalise on its “proven competencies in the mortgage-lending business”.

Adviser view

Peter Brodnicki, chief executive of MAB, said: “Carrington is a hugely impressive company with a clear vision of what it wants to achieve in the UK mortgage market. I share its optimism about the opportunities in Scotland, and the business model is an exciting one, designed to deliver both rapid growth and a compelling customer proposition.”