View more on these topics

Blackandwhite.co.uk on verge of single-tie deal

Blackandwhite.co.uk is believed to be on the verge of signing a single- tie distribution agreement with Mortgages PLC.

The mortgage broker, which has 28 lenders on its panel, has been in talks with just four of these about a possible single-tie deal.

But MPLC is believed to have beaten off competition from GMAC-RFC, igroup and Money Partners.

Although no equity is involved for blackandwhite.co.uk the deal will represent massive cost savings in terms of both compliance and marketing.

Thomas Reeh, chief executive officer of blackandwhite.co.uk, says: “We are close to an agreement and the choice has been narrowed down to two lenders. It’s a close thing and we are down to the last details.”

Only last month MPLC revealed it was planning to launch a direct to consumer lending arm by the end of this year. Mortgage Strategy understands that this is still the case, whether the blackandwhite.co.uk deal comes through or not.

Peter Beaumont, deputy chief executive of MPLC, says: “We’ve been working closely with blackandwhite.co.uk and if it decides to choose us we will be delighted to work with it.”

MPLC parent Merrill Lynch is hoping to increase its share of the UK mortgage market, drawing on its expertise and MPLC’s. The US investment bank is also thought to be funding Michael Bolton’s September launch into the mortgage market.

Recommended

Bankhall invests in new telephony to improve member support.

Bankhall has unveiled a new telephone system and member contact team to further improve the service it offers to members.A single contact number, 0845 003 0400, will now feed all incoming calls into a simple five option menu, allowing members to select with speed and accuracy the correct route for their call. A group of […]

JEREZ 2006: Brokers must embrace sub-prime says Platform

The evolution of the sub-prime market over the last decade means this market has never been more accessible to brokers, says Platform. Speaking at the Mortgage Summit in Jerez, Guy Batchelor, sales and marketing director at Platform and chairman of the Intermediary Mortgage Lenders Association, gave his personal view as a veteran of the sub-prime […]

Don’t waste your time using Halifax for unusual cases

From Gary Payne I was interested in the letter from Jason Simpson (Mortgage Strategy June 12) who has been having problems with Halifax. I have recently done a transaction with Halifax and the experience was as bad as having teeth pulled, but over a protracted period. A question arose about lending into retirement and to […]

Intrinsic launches with 300 advisers

Intrinsic Financial Services, the new multi-tie network headed up by the former global CEO of Zurich Financial Services, has officially launched.The network already boasts some 300 appointed representatives purely from word of mouth, providing holistic advice on a wide range of products and services from some the UKs market leaders including life, pensions, investment, general […]

Newsletter

News and expert analysis straight to your inbox

Sign up