Chetwood Financial Acquires CHL Mortgages to Enhance Buy-to-Let Offerings

Chetwood Financial acquires buy-to-let lender CHL Mortgages to complement its soon-to-launch ModaMortgage proposition, enhancing its specialist lending capabilities.

UK digital bank Chetwood Financial has announced the acquisition of buy-to-let mortgage lender CHL Mortgages, a strategic move designed to bolster its forthcoming ModaMortgage proposition.

ModaMortgages, similar to CHL Mortgages, will specialize in buy-to-let lending and will operate exclusively through intermediaries. Despite their similarities, the two entities will maintain distinct operational processes. CHL Mortgages, known for its blend of technology and manual underwriting, caters to a wide range of criteria. In contrast, ModaMortgages will focus on an automated process aimed at delivering rapid decisions.

Both lenders will retain their unique brands, products, and teams but will benefit from shared skills, experience, and expertise under the Chetwood Financial umbrella.

Andy Mielczarek, founder and CEO of Chetwood Financial, expressed his enthusiasm for the acquisition: “CHL Mortgages is a well-established and respected name in the specialist lending sector. We are ambitious about expanding our operations in the coming months and years.”

He added, “We are eager to see both brands thrive independently. The combined specialist lending knowledge and skills within Chetwood will undoubtedly drive the success of both CHL Mortgages and ModaMortgages.”

The acquisition was finalized following a competitive bidding process, though the terms of the deal remain undisclosed.