Market Mortgage, the innovative home lending start-up, has announced today that it has secured funding from investment firm Middleton Enterprises.
Market Mortgage was founded in 2017 by Eliot Darcy and aims to help more first-time buyers – who are often excluded from the housing market – get their foot on the property ladder.
Middleton’s investment will help Market Mortgage expand its operations, enabling a number of UK retail banks and building societies to offer a wider range of mortgage products for those who don’t have a big deposit. Market Mortgage’s shareholders have been integral in supporting the company’s growth and with £2m now invested to date, they clearly see a bright future for the company.
Capita – the FTSE 250 consulting, transformation and digital services business – was the first company to invest in Market Mortgage back in 2017. With support from Capita’s corporate development arm, Capita Scaling Partner, Market Mortgage has scaled up at speed and is well positioned to bolster its clients’ growth plans.
Eliot Darcy, Founder and CEO of Market Mortgage said:
“It’s increasingly difficult for first time buyers with a small deposit to get their foot on the property ladder, even if they can comfortably afford mortgage payments. We set up Market Mortgage to address this problem. This will be a pivotal year for the company, and the latest investment we’ve secured from Middleton Enterprises will help us achieve significant growth in 2021.”
Mike Elliot, Finance Director at Middleton Enterprises, said:
“The team has been hugely impressed by the progress made by Eliot and Market Mortgage so far. The business has a fantastic value proposition for lenders, investors and borrowers via its innovative approach. We are very excited to see what the future can bring in both financial returns and also facilitating responsible access to consumer finance.”
Jon Lewis, CEO of Capita plc, said:
“It’s great to see that Market Mortgage will be helping those who are prime first-time buyers – but are not cash rich – buy their first home. We welcome Middleton onboard for this exciting stage of growth.”
Market Mortgage is an innovative home lending start-up. It was founded in 2017 to give creditworthy buyers access to the housing market when they can comfortably afford mortgage payments but just don’t have a big deposit.
By providing a safe foundation to banks and building societies, with the financial backing of institutional investors, these credit worthy borrowers can be serviced at greater scale and speed, whilst avoiding additional risk and cost to the UK banking sector or the taxpayer.
About Middleton Enterprises
Middleton Enterprises vision is to be a leading investment company in the UK. Known as an open and reliable business partner. Acknowledged for generating consistently high returns over the long term. Our mission is to invest in innovative and ambitious companies, providing long term patient capital, in order to create economic value and employment. We believe that making a small number of high conviction investments will generate outsized returns.
Capita is a consulting, digital services and software business. Every day our 61,000 colleagues help millions of people, by delivering innovative solutions to transform and simplify the connections between businesses and customers, governments and citizens. We partner with clients and provide the insight and cutting-edge technologies that give time back, allowing them to focus on what they do best and making people’s lives easier and simpler. We operate in the UK, Europe, India and South Africa – and across six divisions: Customer Management; Government Services; People Solutions; Software; Specialist Services; and Technology Solutions. Capita is quoted on the London Stock Exchange (CPI.L). Further information can be found at: http://www.capita.com