Nationwide to set up specialist lending team

A new team will be designated to focus on intermediary and specialist lending after the planned merger with Portman Building Society, Nationwide has announced.

Both Portman and Nationwide, which operates through its subsidiary UCB in the specialist mortgage market, are keen to build on their strong presence in buy-to-let mortgages and self-certification mortgages.

Peter Leydon, who will be the first divisional director for intermediary markets after the merger, noted that Nationwide was eager to "up our game in this area".

Portman's group development director Matthew Wyles is tipped to take up the post of group executive director in the team.

"These new appointments underline the importance Nationwide attaches to its intermediary and specialist lending businesses," Mr Wyles commented.

"By bringing the two divisions closer together we will deliver a much more focussed effort," he added.

The specialist mortgage market is predicted to grow by 40 per cent in the coming decade, according to a study from Alliance & Leicester, with continuing upward pressure on house prices making buy-to-let increasingly profitable for landlords with residential properties.

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