Centex, the giant US housebuilder that bought Fairclough Homes last year, has launched the UK’s first builder-owned mortgage lending operation.
The UK-based subsidiary will be called Centex Mortgage Company UK. Headed by one Kevan M Keegan, the business will initially offer loans to Fairclough customers and later to other homebuyers.
Analysts say the move could shake up UK housebuilders, which have been reluctant to provide the spread of services offered by their US counterparts.
Dallas-based Centex, which has been building homes and commercial buildings since 1950, has been in the mortgage lending business since the 1970s.
It claims that it can offer customers a smoother transition from buying to owning a home. Since the 1970s, it has added other services, including buildings insurance.
It said the establishment of a UK mortgage business was the first step in offering the same “one-stop shop” service as it does in the USA.
Keegan has worked for the past 10 years as a financial strategy consultant for financial services companies, including Salomon Brothers and the Co-operative Bank.
Centex bought Fairclough from Amec last year for £108m.
