EXCLUSIVE: In response to demand for its services across England and Wales, mortgage lender Ahauz has strengthened its board with the appointment of Jonathan McMahon (pictured).
McMahon was formerly joint COO and chief risk officer of St James’s Place Wealth Management, and has joined Ahauz at what the business sees as a transformational period for equity loans, as the Government’s Help to Buy scheme comes to an end on 31 March 2023.
Ahauz said this period will be pivotal to establish that the private sector can innovate and provide alternatives to those who need help to get on and move up the property ladder.
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Educated at St Andrew’s University, McMahon began his career in the Financial Services Authority (FSA) working alongside Sir Howard Davies, and later served as a director and head of financial institutions at the Central Bank of Ireland.
He also previously led Mazar’s regulatory advisory and bank restructuring team, and occupied senior positions at Deloitte and IBM’s subsidiary, Promontory Financial Group.
Launched in September 2021, Ahauz provides an alternative to first-time buyers and home movers who could have benefitted from Help to Buy, but either did not want or could not find a new-build property or were moving home.
Ahauz offers an equity loan of up to 25% of the property value, if first-time buyers meet lending criteria and can put in at least 5%. This combined deposit is used to secure a better rate from their main mortgage provider or increase their overall budget.
Karthik Srivats, co-founder of Ahauz, said: “Jonathan is among the most distinguished names in the financial services space, and his appointment to the Ahauz board demonstrates our long-term commitment to delivering innovative solutions to support home buyers tackle the widening affordability gaps across the country.
“His experience and knowledge of the financial industry and the regulatory framework will be a key value add to our governance structure and help us achieve our growth ambitions sustainably.”
Jonathan McMahon, non-executive director at Ahauz, commented: “Ahauz’s launch last year was a long overdue shake-up for the mortgage market, and I’m delighted to be joining their Board at a time when the company is expanding its footprint throughout England and Wales.
“Ahauz’s innovative solutions helps home buyers bridge the affordability gap and bring equity loans to a much wider audience, and this will become increasingly critical as government support is reduced.”