The Buy to Let Business acquires The Good Mortgage Company

5 May 2011 | By Natalie Thomas

Mortgage Strategy recently reported that the Good Mortgage Company had gone into administration after its main shareholder, Octopus, pulled its funding. Some 38 employees at the Southampton-based firm were made redundant as a result.

In a prospectus sent to potential investors the firm said pipeline revenues were estimated to exceed £150,000. In the past two years it saw 77,000 enquiries, completed 450 mortgages and generated £400,000 from life insurance sales.

Ying Tan, managing director of the Buy to Let Business, says: “I’m delighted to welcome The Good Mortgage Company on board. With The Good Mortgage Company’s expertise in the residential and insurance sectors, we feel the acquisition perfectly complements The Buy to Let Business unrivalled service levels, and knowledge in buy-to let. The resulting synergy will significantly enhance the scale and scope of our mortgage services.”

Stephen Mills, operation and compliance head at The Good Mortgage Company, says: “We are incredibly excited about the opportunities that lay ahead of us now that we are part of the Buy to Let Business group.

If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat