Carrington Holding Company has bought Clear Financial Solutions Limited (CFSL), a residential mortgage brokerage firm based in Scotland with offices in Stonehaven and Anstruther.

Carrington will rebrand and operate the company under the name Carrington Mortgage UK Limited.

It will be working in association with Mortgage Advice Bureau (MAB) to build a presence in many of Scotland’s larger metropolitan areas. In the immediate future, the expansion plan for Carrington Mortgage UK calls for adding additional offices in Scotland and establishing a centralised operations centre for lead generation and mortgage processing.

Carrington Holding Company’s chief operating officer Dave Gordon said: “Carrington is acting on a timely business and market opportunity in the UK that allows us to actively leverage our core suite of capabilities and expand our footprint to effectively meet the needs of borrowers on an international scale.

“Considering the optimistic outlook for Scotland’s real estate and mortgage markets, along with expectations for how this year’s regulatory changes will reshape the mortgage lending landscape in the UK, we believe that Carrington’s entry into Scotland and the UK is well-timed.”

Peter Brodnicki, CEO of Mortgage Advice Bureau (MAB), added: “Carrington is a hugely impressive company with a very clear vision of what they want to achieve in the UK mortgage market. I very much share their optimism about the opportunity in Scotland, and the business model is an exciting one, designed to deliver both rapid growth and a compelling customer proposition.

“The timing of their acquisition could not be better, and MAB looks forward to working closely with the Carrington team.”