Santander drops 3500-strong mortgage club

Santander drops 3500-strong mortgage club




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In an effort to ‘streamline’ its operations, Santander UK plc has sold the mortgage club The Mortgage Alliance (TMA) for £250,000 to First Complete Limited, a financial services subsidiary company of LSL Property Services.


TMA, which was first created in 1999, currently supports 3,500 directly authorised mortgage advisers. It was first obtained by Santander as part of Abbey’s acquisition of Scottish Provident. 


First Complete has confirmed that it will keep the TMA brand, which works through strategic partnerships and lender relationships. The company aims to expand TMA’s current proposition to mortgage and insurance advisers who are directly authorised.


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 can confirm that we have taken the decision to sell The Mortgage Alliance to the LSL Group."

TMA’s acquisition comes as the latest addition to LSL’s portfolio, after the announcement of the company’s annual results in March which reported a pre-tax profit of £25.8 million.


First Complete, formerly Home of Choice, was itself acquired and rebranded by LSL Property Services. The company was rescued from administration by LSL Property Services last year, as part of the company’s ambitious growth plans to buy up further businesses.


The chief executive of First Complete, Jon Round, 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."


 

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