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LSL Property Services has become one of the largest distributors of mortgages in the UK after buying mortgage network company Home of Choice.
It did so by buying HoC’s assets out of administration for £1.5m.
LSL – parent company of Your Move and Reeds Rains – may have taken on some of HoC's liabilities, but it is not known the extent. It is believed that HoC’s total liabilities were £3.7m but some of the debts may have stayed with the administrators.
HoC places in excess of £2bn of mortgage lending each year.
It began trading in 2005 and rapidly became the fastest-growing mortgage network, offering extra mortgage broker services including software, highly competitive fees and systems specifically designed for the mortgage broker market.
LSL Property Services not only owns the second-largest estate agency network, including the former Halifax estate agent branches, which it bought for £1 in January, but the largest residential surveying operation, e-surv, and the Linear financial services and mortgages operations.
Simon Embley, CEO of LSL Property Services, said: “Home of Choice is an acknowledged leader in its field and I look forward to working in partnership to build on the solid foundations of this high-quality business.
“Strategically, this acquisition will strengthen our relationships with key lending clients, thereby providing a significant opportunity to leverage our financial services assets across the Group.
“This acquisition makes us one of the leading mortgage distributors in the UK.”
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