A LOCAL man has launched a mortgage service in the UK. The company Paul Welch co-founded, CG Private Clients, is believed to be the first to offer mortgage repayment quotes by text message.

Its advisers will also make follow-up visits by pushbike to anyone in a two-mile radius of its Docklands offices.

Mr Welch, 34, started his finance career in the machine room at NatWest when he left La Mare de Carteret School at 16.

He then moved to Coutts & Co before being recruited by SG Hambros, with which he moved to the City in 2002.

His role was to develop sponsorship opportunities and new business on the Formula 3 circuit and he advised some of the world’s leading Formula 1 drivers on wealth management.

After he left, he was asked to join Tradex Insurance, but turned the job offer down and approached the founder of Clegg Gifford & Company, Roy Clegg, with a business idea.

‘I first met Roy’s wife at a corporate event in Guernsey and then met up with him in a pub in London to discuss a business idea,’ said Mr Welch.

Mr Clegg is now equity partner and chairman of CG Private Clients, which has gone from one to 10 advisers since it was founded last year.

Its new service allows

homebuyers to use their mobile phones to text the company for a quote based on the sum they want to borrow.

Minutes later they will be advised of an approximate monthly repayment figure based on a 25-year term at the lowest tracker rate of the day.

The company hopes that the service will prove particularly helpful to those on shift work and people who want a quote at the weekend.

‘People can text for a quote 24 hours a day, 365 days a year, ‘ he said.

Mr Welch was in the island

for Father’s Day – his has Alzheimer’s disease and he likes to visit him as often as he can.

‘It is one of my motivating factors,’ said Mr Welch. ‘I’d like to raise the £30,000 I need to pay for an operation that stops the tremors.’

Mr Welch lives an eight-minute cycle ride away from his Docklands office and has an amazing view of the City.

‘Guernsey is unique; if you have children, it is fantastic, but if you are single, then being in London is great,’ he said.