The Property Franchise Group - behind the likes of Parkers, Martin & Co and Whitegates - has launched a financial advisory arm in partnership with Legal & General and London & Country.
Already the UK’s largest property franchisor, with 287 offices nationwide, the group will now use London & Country to provide fee-free mortgage advice to their estate agent customers.
The move was made to make The Property Franchise Group a ‘one-stop-shop’ when buying, selling or mortgaging a property.
It will now offer mortgages across the whole of market, whereas other high street estate agents only offer from a limited panel, according to a statement.
Ian Wilson, chief executive of The Property Franchise Group, explained that they also chose telephone and web fulfilment “because people are busy and do not find it convenient to attend long meetings with mortgage advisers”.
He added that a customer can then track the progress of their case online.
A spokeswoman for L&G confirmed the arrangement between Martin and Co and L&C, adding: “It is positive for L&G as they are distributing our financial protection products, but the relationship is with them.”
Bob Riach, managing director of Scunthorpe-based Riach IFA, said the public prefer face-to-face advice when arranging a mortgage.
Mr Riach said: “I can remember when Moneysupermarket entered the mortgage market offering telephone-based advice. It wasn’t successful as people wanted face-to-face advice. Based on this, Moneysupermarket started to sell the mortgage leads to a panel of mortgage brokers.
“I was on the Moneysupermarket panel and paid a fee for every lead introduced. When speaking to the clients they said that they wanted to discuss their mortgage face-to-face.
“Buying a property is the biggest financial purchase that most clients will do in their lifetime, they should take professional advice and I would recommend that this advice is given face to face,” he added.
peter.walker@ft.com
