CHL hires Virgin Money sales director

CHL hires Virgin Money sales director

CHL Mortgages has hired Virgin Money intermediary sales director Richard Tugwell to help with plans to return to the lending market.

A short statement from Capital Home Loans managing director Gerry Hickey explained: “Richard will be looking after our sales and marketing teams and helping to form the strategy that will fulfil our ambition to return to the lending market.”

Mr Tugwell has been working in the market for more than 30 years, as Northern Rock’s head of sales, director of the Intermediary Mortgage Lenders Association and director of Mortgage Trading Exchange, before his five-and-a-half years at Virgin Money.

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In March, CHL announced it was preparing a proposition with a view to return to the market this summer.

The Hampshire-based company was one of the largest providers of buy-to-let mortgages through the late 1990s until 2008, but stopped lending after the financial crash and stated it had no plans to seek new business in 2009.

Over the course of that year the company made two rounds of redundancies, with a fifth of its workforce leaving in one round of job cuts. Managing director Bob Young left the firm in 2014 to start up specialist buy-to-let lender Fleet Mortgages.

At full capacity CHL Mortgages had a mortgage book of more than £6.6bn, which it has been managing since it closed to new business.

In the statement earlier this year, it mentioned for their return the business will be as rebranded CHL for Intermediaries “to reflect our allegiance to and support of the intermediary market” and the firm was “currently creating a proposition and environment for a mid-year market launch”.

Matthew Fleming-Duffy, mortgage broker at Cherry Mortgage & Finance, said CHL’s return was a welcome step.

“It is also reassuring to see that they have, once again, chosen intermediaries as their preferred route to this market,” he stated.

“The management team have a key responsibility in launching a competitive - hopefully innovative - product range, without attempting to join the race to the bottom with their mortgage pricing strategy.

“They were previously known for providing self-cert and buy-to-let mortgages to those with a small amount of adverse credit history, and indeed for lending to limited companies, which is currently seen as a key growth area for many intermediaries,” added Mr Fleming-Duffy.