LSL, owner of Reeds Rains and Your Move, is boosting its financial services sector through a £2.4m acquisition.
It’s snapped up Mortgage Gym and, for an additional £1.8m, taken a 60 per cent stake in Direct Life Quote Holdings.
LSL is already one of the largest providers of services to mortgage intermediaries, and mortgage and protection advice to estate agency customers, completing around £32 billion of mortgages in 2019.
It currently represents approximately nine per cent of the total purchase mortgage and remortgage market, with around 2,600 financial advisers.
David Stewart, group chief executive officer of LSL, says: “These important acquisitions will help LSL drive further growth in Financial Services, which is at the heart of our strategy. They provide us with market-leading digital capability, and I am delighted that we have been able to complete these deals.”
Direct Life Quote Holdings principal subsidiary, Direct Life & Pension Services Limited, has developed a platform that offers digital protection insurance product recommendations to intermediaries and to retail customers via third parties.
And LSL has already been a strategic investor in Mortgage Gym which has developed a digital platform that confirms mortgage eligibility within 60 seconds, matching borrowers with lenders. The technology is currently being piloted by LSL in the new build market.