Mortgage lender Ahauz has further strengthened its board with the appointment of Jonathan McMahon (pictured).
McMahon, the former joint-COO and chief risk officer of St James’s Place Wealth Management, joins Ahauz as a non-executive director at a transformational period for equity loans as the Government’s Help to Buy scheme comes to an end on 31 March 2023.
This transitional period will be pivotal to establish that the private sector can innovate with alternatives that ensure those who need a helping hand to get on and move up the property ladder, continue to be supported.
Educated at St Andrew’s University, McMahon has unrivalled experience in a career spanning more than 20 years.
He 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, where he worked closely with the IMF and European Central Bank to shape the country’s response to the Global Financial Crisis of 2008.
He has also previously led Mazar’s Regulatory Advisory and Bank restructuring team, and occupied senior positions at Deloitte and IBM’s subsidiary, Promontory Financial Group.
At St. James’s Place Wealth Management Plc, he was a member of the group executive for six years, first as CRO and then as joint-COO.
Since launching in September, Ahauz has been providing a valuable alternative to first-time buyers and home movers who might otherwise have struggled to get a foot on or climb the housing ladder or buy the home they really wanted. Especially those 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 first-time buyers an equity loan of up to 25% of the property value, if they 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 giving more choice of properties and areas of the country.
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, added: “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.”
Last week Ahauz added mortgage industry luminary Pat Bunton as a non-executive.
