Edinburgh-based packager Thistle Finance has launched with plans to restore the sector’s “old fashioned values”.

It aims to support brokers around the UK, particularly in the underserved markets of Scotland and Northern Ireland.

Thistle Finance has started working with Mortgage Advice Bureau, as an additional option alongside Brightstar, for specialist lending in Scotland and Northern Ireland. The new packager will initially be funded and supported by the successful term broker, Edinburgh Mortgage Advice.

Its two co-founders are Mark Dyason, managing director of Edinburgh Mortgage Advice, and Nathan Ellis-Calcott, who has worked within specialist lending for over 15 years at companies including Brightstar, Link Lending and The Loans Engine.

Dyason is managing director of Thistle Finance while Ellis-Calcott is director of sales.

Thistle will initially focus on bridging; commercial mortgages; development finance; secured loans; ‘complex’ residential and buy-to-let mortgages, and equity funding and joint ventures.

It says it will launch with a number of exclusive products from a selection of specialist lenders, and offer a second charge proposition with a significantly lower fee structure than elsewhere on the market, bringing added value to brokers and their clients.

Dyason said: “For some time now, the Scotland and Northern Ireland markets have been underserved, both locally and by packagers in the south. It’s this huge gap in the market that we have set out to fill. We are clearly thrilled that a company of the calibre of the Mortgage Advice Bureau has already opted to use Thistle for specialist lending in these regions, and we relish the chance to serve its brokers as efficiently and professionally as we can.

“There’s a feeling among brokers that packaging has become glossy and a bit complacent, so our goal is to bring back some old-fashioned values and return it to its roots.”

Peter Brodnicki, chief executive of Mortgage Advice Bureau, added: “Thistle may be new to market but the team has already demonstrated their commitment to the specialist lending sector. We have every confidence that they will add value for our brokers serving Scotland and Northern Ireland. We’re looking forward to the months, and hopefully years, ahead.”