OnTheMarket launches mortgages service ‘OnTheMarket Money’
Would-be house buyers using the portal will now be able to get an online Mortgage in Principle in a referral deal with broker London & Country.
OnTheMarket Group has launched OnTheMarket Money – a financial services umbrella brand and its first referral partnership is with mortgage broker London & Country (L&C).
L&C – one of the largest whole of market brokers in the UK – will provide consumers with access to mortgage products and support via the portal.
MORTGAGE IN PRINCIPLE
Would-be house buyers using the OnTheMarket portal will now be able to get an online Mortgage in Principle and provide them with an idea of how much they might be able to borrow, helping them save time by focusing on appropriate price brackets before contacting agents.
Jason Tebb, Chief Executive Officer of OnTheMarket, says that the L&C referral deal will be the first of many with the roll out of a fee sharing mortgage referral solution – so that agents can earn referral fees – expected later this year.
He adds: “The launch of OnTheMarket Money is a key step in our evolution towards becoming a ‘one stop shop’ technology company that provides services for agents and consumers, across the entire property ecosystem.
“Our financial services offering will encourage and facilitate consumer interaction opportunities by providing tools to help make the home moving process easier and more straightforward.
“This partnership will help add even more value to consumers, as well as being financially prepared in readiness for their next move. This will combine perfectly with our ‘buyer ready’ proposition to ensure that our customers receive qualified leads from serious property seekers.
“By having all this information and access to professional mortgage advice in one place on site, property seekers will have a much better understanding of their borrowing capabilities before engaging with an agent.
“Crucially, this is just the start of our journey to help our consumers find their next home and get financially qualified. As we continue to evolve our offering our aim in is to help OnTheMarket agents generate additional revenue from financial services themselves.”
NO-FEE ADVICE
Adam Connolly, Chief Commercial Officer at L&C Mortgages, adds: “We’re thrilled to partner with OnTheMarket and bring our no fee, whole of market advice to all those looking for a new home.
“In a fast-paced mortgage market we believe that advice is even more crucial for customers.”
Last week OnTheMarket launched a phone-based service that enables sales and lettings customers to manage their data to help generate extra revenue and instructions through valuations.
So on the market ahs decided to cut its own throat by ensuring that estate agents are cut out of using their own independent advisors. Quite the shot in the foot. When all you see is money you lose track of the reason you are in business. Copy cat businesses don’t do well once they start doing desperate things. OTM main customers are estate agents – maybe we should say were estate agents.