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Merrill Lynch acquires UK sub-prime mortgage lender Freedom Funding

Freedom Funding, the UK non-conforming mortgage specialist that trades as Freedom Lending, has been bought by Merrill Lynch, although financial details of the deal were not disclosed.

As a wholly owned subsidiary of Merrill Lynch, Freedom Funding will continue to operate as a specialist lender, targeting market sectors such as prime buy-to-let, let-to-buy, prime self-certification and some light adverse client segments. The company will become part of Merrill Lynch’s global residential real estate group alongside Mortgages plc, which has a portfolio of products designed for non-conforming borrowers.

Freedom Funding’s CEO Colin Snowdon said: [The] announcement is excellent news, as the backing of Merrill Lynch will enable us to accelerate the next phase of the company’s development. The directors, management and staff of Freedom Funding are all delighted with this deal and are excited about the prospects it brings for the future.

Freedom Funding launched into the UK specialist mortgage market in 2004 marketing its range of mortgages through a network of packagers and intermediaries located throughout the UK.