Mortgage broking giant the Coreco Group, which is used by agents to outsource their financial services provision, has been bought by digital homebuying platform OneDome for an undisclosed but ‘seven-figure’ sum.

Coreco Group has been one of the best-known and largest representatives of Mortgage Advice Bureau since it joined the network in 2009.

OneDome says the acquisition will enable Coreco Group to ‘nurture and grow’ its introducer base, expand its financial education programme with employers, increase lead flow and harness OneDome’s technology and data-driven insights to “streamline the mortgage process and empower clients to make better financial decisions”, the deal announcement says.

Coreco’s directors, Andrew Montlake (main image, left) and Julian Ingall, along with its management team, will remain in their roles but Montlake and Ingall area to join OneDome Group’s senior team and help drive its core aim to become the UK’s leading home-buying service provider.

Peter Brodnicki, CEO of Mortgage Advice Bureau, who played a pivotal role in this deal, will exchange his shareholding in Coreco for shares in OneDome.

Growing team

Also, Montlake will become CEO of Coreco Group, tasked with helping to grow the company, its introducer base, employer financial education services and self-employed broker numbers over the coming years.

He says: “This acquisition marks a significant milestone for Coreco and is the latest step of our exciting journey.

“In an increasingly changeable market, our hard-working Coreco family deserve the stability and opportunities that being with a bigger group can bring, without any change to our fantastic brand or company DNA.”

Founded in 2017 by Babek Ismayil (main image, right) and chaired by former DLA Piper boss Sir Nigel Knowles, OneDome has grown via acquisition adding Nethouseprices, Contractor Wealth Management, CMME Mortgage and Protection Ltd and Albany Park and now offers a ‘seamless, all-in-one homebuying experience’ via its HomeBuyer Service (HBS).

Ismayil says: “Bringing Coreco into the OneDome family is transformative for our vision of seamless property transactions.

“With the OneDome family now consisting of 170 members, including over 70 advisers, we are transforming homebuying for good.”