The value of the gross assets acquired was £250,000. First Complete will retain The Mortgage Alliance brand expanding its proposition to mortgage and insurance advisers who are directly authorised.
The Mortgage Alliance has been in operation since 1999 and supports over 3,500 directly authorised mortgage advisers. It is free to join and there are no subscription charges to pay.
LSL and First Complete plan to enhance TMA’s offering over the coming months. LSL is already one of the largest mortgage and protection distributors in the UK, and this deal is intended to strengthen the overall proposition for directly authorised firms, providing advisers with a wide range of highly competitive mortgages for their clients.
At the same time, it will enhance First Complete’s offering by expanding upon its current support for appointed representatives.
Jon Round, chief executive of First Complete says:
“The Mortgage Alliance is a mortgage club with a good reputation which has an exceptional offering to directly authorised advisers.
“First Complete has gone from strength to strength in the last year, providing an excellent service to its appointed representatives; now First Complete will also be able to provide a high quality proposition to directly authorised firms.”
A spokesperson for Santander said:
“Santander is committed to becoming the best commercial bank in the UK. Following a strategic review and in line with our focus on core business areas, we can confirm that we have taken the decision to sell The Mortgage Alliance to the LSL Group."
