Chetwood Bank has surpassed £1 billion in mortgage lending in the 2024/25 financial year, marking a significant early milestone in its strategic push into the specialist lending market.
The digital bank, headquartered in the UK, operates two dedicated buy-to-let mortgage brands: ModaMortgages and CHL Mortgages for Intermediaries. The latter, with a 25-year heritage in the sector, was acquired by Chetwood in May 2024, while ModaMortgages officially launched in January this year, branding itself as the home of “smarter, faster, simpler” buy-to-let mortgages.
The pace of lending growth across the two platforms has been swift. Chetwood attributes its early traction to a combination of a strong funding position and deep sector expertise. The bank currently holds more than £4 billion in customer deposits, drawn from a mix of retail savings products and distribution partners. These reserves have enabled rapid deployment of capital into the buy-to-let market, both through its own brands and via funding lines and forward-flow agreements with selected non-bank lenders.
Andrew Arwas, managing director for mortgages at Chetwood, and Darrell Walker, group sales director, lead the bank’s specialist lending operations. Speaking of the milestone, Arwas said: “We’re delighted to celebrate this early but significant milestone. Having only acquired CHL Mortgages last May, and with ModaMortgages only officially launching in January this year, the early traction we’ve achieved is a testament to the strength of both propositions and the hard work of the team. Onwards and upwards from here.”
Walker pointed to the quality of the underlying infrastructure and experience within the business. “The quality of both our lending propositions comes, in no small part, from the amazing foundations we have at Chetwood Bank,” he said. “Not only do we have a great team and strong finances, but we also benefit from the huge collective experience we have of developing and delivering financial products across different markets.”
Chetwood has made a series of senior appointments to support its mortgage growth strategy, including the addition of Ian Lonergan, group chair and former founder and CEO of Precise Mortgages, along with industry veterans Alan Cleary and Roger Morris, both of whom joined the bank last year.
Walker emphasised the bank’s sharp focus on broker and borrower needs. “We understand what different borrowers and intermediaries need and have a razor-sharp focus on meeting those needs,” he said. “In the case of ModaMortgages and CHL Mortgages for Intermediaries, this means having a level of service that makes brokers’ lives easier, combined with the right blend of products that landlords want.”
