Mortgage broker Coreco has completed the acquisition of Mortgages Online as it continues its strategy of growth outside of the capital.
Mortgages Online, which is based in Southend, was established in 2019 by its managing director Paul Flavin.
Like Coreco, the broker is an appointed representative of Mortgage Advice Bureau.
Commenting on the acquisition, Andrew Montlake (pictured), managing director of Coreco, said it was important to find an area sufficiently close to London to provide a “solid base” for their back-office support team, and from where they could access “quality local people”.
Mr Montlake added: “Obtaining the Mortgages Online brand and website will allow us to continue to develop our online offering for clients who wish to be dealt with in this way, whilst very much keeping the role of the broker and advice front and centre.
“It will enable us to scale and deal with a more varied set of introducers which will in turn generate more enquiries for our brokers in London, especially where specialist and commercial is concerned.
“Embracing technology in the right way is important for the future, and both Paul and Laura at Mortgages Online impressed us with the strides they had made with their system. Hopefully, we can add the Coreco brand, experience, and people to this to form an important string to our bow.”
Paul Flavin, managing director of Mortgages Online, added: “I feel this is a great move for both companies. Coreco brings to Mortgages Online the security and credibility of one of our industry’s flag bearers while Mortgages Online gives Coreco a platform to be able to move and respond to future trends in a far faster, more efficient way.”
Mr Flavin added that Mortgages Online’s systems and customer experience, combined with Coreco’s access to lead sources, meant the broker would be able to deliver a quality of service for customers who do not require face-to-face advice.
chloe.cheung@ft.com
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