Estate agency giants Connells and LSL have signed up to a new ‘disruptor’ mortgage sourcing and application system which will be rolled out to all their in-branch financial services advisors by the end of this year, it has been revealed.
The separate deals are with software company Twenty7Tec were announced at a mortgage industry event at the Gherkin in the City by the firm’s CEO James Tucker.
It was also revealed that Connells is to integrate the ‘modern mortgage sourcing system’ into its client relationship management system, while all of LSL’s 2,000 advisors are to get access to the system too across its numerous mortgage businesses.
This includes Twenty7Tec’s Mortgage Source and Mortgage Apply platforms which are designed to enable advisors to access fast and tailored loans for their customers. And Tucker also revealed that the firm’s Mortgage Source system now has agreements with half of the UK’s key lenders.
These mortgage lenders include Barclays, Santander, NatWest, TSB, the Yorkshire Building Society, Skipton and Foundation Home Loans.
“The relationships and the people at Twenty7Tec have been a breath of fresh air for us with their ‘can do’ attitude across their business,” Adrian Scott, Group Mortgage Service Director at Connells told Mortgage Solutions magazine.
Last year Connells revealed within its annual results presentation that its Mortgage Services business enjoyed a 13% lift in revenues and an 11% increase in the number of mortgages arranged. It sold mortgages worth £9.5 billion during 2018.
LSL’s mortgage business recently revealed increased revenues of £40 million, up 5% year-on-year organically, but revenues increased by 20% overall driven by acquisitions.