OnTheMarket Group has recently rolled out a novel financial service titled ‘OnTheMarket Money’. This service launch represents the company’s first partnership with a referral-based entity, specifically with London & Country (L&C), a leading mortgage broker in the UK.
Through OnTheMarket Money, prospective homebuyers using the portal will have the opportunity to secure an online Mortgage in Principle. This feature will offer an estimate of their potential borrowing limit, thus enabling them to focus on properties within their budget range before reaching out to estate agents.
London & Country, one of the UK’s most substantial comprehensive market brokers, will supply consumers with a host of mortgage products and support through the OnTheMarket platform.
According to OnTheMarket’s Chief Executive Officer, Jason Tebb, the collaboration with L&C is just the beginning of many such alliances. Plans are underway to unveil a mortgage referral solution, incorporating fee-sharing, later in the year, which will allow agents to earn referral fees.
Tebb elaborated on the launch, describing it as a significant stride towards evolving into a comprehensive technology company that caters to agents and consumers alike, across the entire property ecosystem. “Our financial services will facilitate and stimulate consumer engagement by offering tools that simplify and streamline the home-moving process,” Tebb stated.
Tebb further elaborated that the collaboration would provide added value to consumers, preparing them financially for their future property endeavours. He highlighted that the synergy with their ‘buyer ready’ proposition would ensure customers receive vetted leads from serious property seekers.
“By consolidating all this information and access to professional mortgage advice on one platform, property seekers will gain a clear understanding of their borrowing capabilities before initiating an engagement with an agent,” Tebb added.
The Chief Commercial Officer at L&C Mortgages, Adam Connolly, expressed his excitement at the partnership with OnTheMarket. He said, “We’re thrilled to bring our fee-free, full-market advice to all those in search of a new home. In this rapidly moving mortgage market, we believe advice is more crucial than ever for our customers.”
In the recent past, OnTheMarket launched a phone-based service facilitating sales and lettings customers to manage their data, assisting in generating additional revenue and instructions through property valuations.