Second charge mortgage lender Equifinance has signed into a five-year contract with Phoebus Software Limited (PSL) for the provision of a replacement mortgage servicing platform at its headquarters in Leytonstone.

The implementation will utilise the Phoebus mortgage servicing platform and will provide primary servicing and arrears management functionality for Equifinance.

The solution, hosted on the Phoebus Private Cloud, will utilise the Phoebus originations and migration API.

Other interfaces will also provide the ability to seamlessly take card payments and send data to Equifinance’s data warehouse solution.

Richard Pike (pictured), Phoebus Software Limited’s sales and marketing director, said: “The second charge market remains strong and PSL has always had a strong client base of second charge businesses utilising Phoebus’s ability to service these types of mortgage.

“Equifinance is a forward thinking, ambitious company that will undoubtedly continue to grow over time. We look forward to supporting the business throughout the term of our relationship.”

Chris Payne, finance director at Equifinance, added: “Our existing systems and infrastructure have supported our growth to date, but to enable our future expansion plans we realised we needed to go down a best of breed approach in terms of mortgage servicing.

“Working with a leading fintech company such as PSL allows us to utilise their pedigree, proven mortgage servicing solution, but also utilise their digital solutions in areas such as APIs. We look forward to a successful partnership moving forward.”