The brokerage, which operates in prime and commercial mortgage lending, has taken over a section of Purely Mortgages.
The company was established as a direct to consumer mortgage intermediary operation six years ago and the takeover sees Mortgage Centre IFA acquire its client base.
Originally developed with a focus on telesales, the company will be relocated to Central London and integrated into the Mortgage Centre IFA business, where a focus will be placed on providing a face-to-face service in an effort to improve their standing in the market during the coming months.
Founder and managing director of Mortgage Centre IFA, Paul Munford, and Mortgage Centre IFA director, Simon Golesworthy, have joined the executive board of Purely Financial Group with immediate effect, with Munford positioned as executive chairman.
As part of the move, the organisation confirmed that there would be no change in the day-to-day operation of Mortgage Centre IFA; and Purely Financial Group will trade as its appointed representative.
Commenting on the move, Munford admitted the changes had come as a result of intermediary feedback. He explained: “We believe this is what our customers want and what they value. Purely Financial Group intends marketing through a number of estate agency operations in London and the South East.
"As part of the London relocation, we are looking for experienced and professional advisers to help drive our service through the estate agencies’ client base. These roles will be based in some of London’s prestigious estate agency offices.”
The company has also completed the takeover of the private finance division of Chesterton Estate Agents, allowing it to place advisers in its branches across London.
Mike Pendergast, IFA at Zen Financial Services, gave a cautious welcome to the plans for the company.
He said: “A lot of estate agents have their own in-house mortgage advisers – some are tied to the agent and some are independent. It is better for the client if they are independent, as they will recieve clear and unbiased financial advice which is not skewed towards any particular lending company. It is also better for the mortgage intermediary to be independent.”
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