NEW MORTGAGE SPECIALIST TO TARGET AFFORDABLE SECTOR

October 2008

The well-known New Homes Mortgage Helpline has launched a new sister company, Independent Mortgage Helpline, a specialist mortgage broker aiming to become the leading provider of mortgages for the affordable homes and remortgage sectors.

The Group already has ten years of experience in finance for affordable homes through the existing New Homes Mortgage Helpline, and has built up strong relationships with major property management companies such as Places for People and In Place. However, the time has come to launch a new business to focus specifically on this market, using the wealth of knowledge and experience already in place through dealing with the many Government shared equity schemes, including MyChoiceHomebuy, as well as private developers' own shared equity schemes.

Following the launch of the Government's new HomeBuy Direct in September, there are now several shared equity schemes available to purchasers. Independent Mortgage Helpline will corner this sector of the market, which is in great need of a mortgage specialist who can guide buyers through the often complicated process of buying a home using shared ownership or shared equity.*

The team behind the new company has vast experience in building specialist mortgage brands, having successfully positioned the New Homes Mortgage Helpline as the UK's leading new homes mortgage broker.

Nick Rhodes, Sales Director of the Independent Mortgage Helpline comments:

"Independent Mortgage Helpline will provide a specialist service for this growing sector of the mortgage market, which is already well funded by the Government who is 100% committed to first time buyer initiatives.

"Shared equity and shared ownership schemes are the keystone in the Government's housing strategy, and with much confusion surrounding the various schemes available, there is a desperate need for a mortgage broker focusing on this area.

"We are equipped to knit together the complexities of mortgage advice, the mortgage application and the government grant application in one seamless process, managed by advisors who are experts in their field. All elements of the affordable housing purchase are managed simultaneously on the buyer's behalf, making the whole process simple and painless for the customer."

Halifax, the main lender of shared ownership mortgages, this week agreed to continue issuing shared ownership mortgages to secure its share of the Government's £37 billion bank bail out. This agreement ensures that there will be plenty of funding available to first time buyers wanting to take advantage of the Government schemes.

-Ends-

Notes to Editors

* With shared equity, the purchaser buys a given share of the property, e.g. 75%, while the Government or developer owns the remaining share. The purchaser does not pay rent on the remaining share. With shared ownership, the purchaser pays rent on the equity share that the housing association retains. Any profits or losses from a subsequent sale are shared.

About Independent Mortgage Helpline
Independent Mortgage Helpline is part of the New Homes Group, sister company to both the New Homes Mortgage Helpline and New Homes Part Exchange. Independent Mortgage Helpline is an affordable homes mortgage specialist, providing mortgage expertise to purchasers taking advantage of the Government's affordable housing initiatives and shared ownership schemes.

For further information please contact The Wriglesworth Consultancy:

Sarah Lawrence s.lawrence@wriglesworth.com,
020 7427 1428

Claire Hendry c.hendry@wriglesworth.com,
020 7427 1407

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