About igroup
igroup is a major provider of mortgages and regulated loans to people who find it difficult to obtain finance from traditional sources of finance on the high street. According to government statistics, one-in-four adults today falls into this category - a statistic that represents over eight million people!
For historical reasons igroup are often referred to as a "non-status" or "sub-prime" lender. They prefer the term "non-conforming". Even better, they prefer to be called an "all status" lender. Why? Because igroup provide specific financial solutions - via brokers and independent financial advisers operating countrywide - for thousands of people every month who have very different financial needs.
igroup was launched into the UK mortgage market as igroup on 1 March 2000. Prior to this date they were known as Ocwen UK. On 31 September 1999, the senior management team of Ocwen UK bought the company from its US parent in a £510 million transaction. The deal was backed by Patron Capital and Royal Bank Development Capital (RBDC) - a subsidiary of the Royal Bank of Scotland. RBDC now owns 49 per cent of igroup.
Although igroup are now the new kid on the block in terms of name - igroup's 300 members of staff are among the most experienced and qualified mortgage and regulated loan experts in the business. Many of their employees have worked in the sector for 10 years or more and have seen it grow from nothing into an industry in its own right that is worth over £3 billion annually. Such phenomenal growth has taken place over a relatively short period of time - and all the signs are that the sector's value will continue to increase, with some observers claiming an annual growth of 50 per cent over the next four years.
The iGroup Market
According to the Council of Mortgage Lenders, every year up to two million County Court Judgements are obtained against individuals in the UK; 30 per cent of all mortgage applications are rejected because they don't meet the strict lending criteria demanded by high street lenders; five per cent of those people with mortgages are behind with their repayments by over two months; and 30,000 homes are repossessed.
It is only a few years ago that you would find it almost impossible to obtain a loan if you didn't have a near perfect credit record. This meant that many people never owned their own home, bought a new car or experienced some of the little luxuries in life - even though, in many cases, they earned good salaries.
That all changed in the mid-1990s when the "non-status" lending sector emerged. This new and dynamic market operated under a very different set of rules. It was driven by the knowledge that many people were experiencing financial difficulties not because they were poor at managing their own affairs, but because they were the victims of the worst recession in living memory.
When considering an application for a mortgage, igroup pay as much attention to the unique financial circumstances of their would-be borrower as they do their employment status and their credit histories with other lenders.