Experian is set to buy a 25 per cent stake in L&C Mortgages.
L&C chairman Mike Edge will remain the majority shareholder.
Edge says: “The market is changing at pace and we are determined to lead the way through this exciting partnership with Experian to accelerate the growth and development of our hybrid digital proposition. Together we will build an even stronger business than we have today.”
Experian Consumer Services managing director Clive Lawson says: “We’re excited about the potential of this partnership and the opportunities we see to work with L&C to improve customer experience in the UK mortgage market.”
Fenchurch is advising L&C on the deal.
Osborne Clarke are providing legal advice to L&C. Experian is being advised by Eversheds Sutherland.
The transaction still needs FCA approval.
L&C communications director David Hollingworth adds that the broker has also gone live with new online mortgage finder software.
He says: “It’s created a hybrid digital proposition. It will offer all the right options for the modern consumer.”