LSL Property Services announced this morning that its financial services subsidiary, First Complete, has acquired The Mortgage Alliance (TMA) from Santander UK plc.
The value of the gross assets acquired was £250,000.
First Complete – formerly Home of Choice – will retain The Mortgage Alliance brand, expanding its proposition to mortgage and insurance advisers who are directly authorised.
The Mortgage Alliance has been in operation since 1999 and supports over 3,500 directly authorised mortgage advisers. I
LSL is already one of the largest mortgage distributors in the UK.
The highly acquisitive LSL is also the parent company to estate agency chains Your Move and Reeds Rains, and also the former Halifax Estate Agents.
Jon Round, chief executive of First Complete, said: “The Mortgage Alliance is a mortgage club with a good reputation which has an exceptional offering to directly authorised advisers.
“First Complete has gone from strength to strength in the last year, providing an excellent service to its appointed representatives. Now First Complete will also be able to provide a high-quality proposition to directly authorised firms.”
A spokesperson for Santander said: “Santander is committed to becoming the best commercial bank in the UK.
“Following a strategic review and in line with our focus on core business areas, we have taken the decision to sell The Mortgage Alliance to the LSL Group.”
Comments
And the City agree and like it share price up.
Best to remain Anon- I think they realise their franchise network is at risk and that’s why they have been very active in trying diversify away from such failing business.
I for one welcome our new LSL overlords.
LSL are happy to spend, but also happy to watch their franchisees go out of business without any support - I think they need to realise that their branch estate agency network is going to significantly diminish - thats where the investment should be going