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Munford grabs remaining stake in Purely and plans brand merger

Paul Munford has snapped up the remaining 50% stake in Purely Mortgages and plans to deregulate Mortgage Centre IFA.

Mortgage Centre IFA will continue to offer commercial and investment lending but Munford says it makes sense to have just one regulated brand.

Purely Mortgages did operate as an appointed representative of Mortgage Centre IFA but has now signed up under Mortgage Intelligence.

He has bought the remaining 50% of Purely from Vincent Tchenguiz’s Consensus Banking Group.

Munford says: “We are pleased with the acquisition and the additional opportunities this gives us in these very difficult times.

“We felt it was unnecessary to have two brands for regulated activities and as such are moving forward with the well known Purely brand for residential business.”

Staff in Mortgage Centre IFA’s residential mortgage sales team have been invited to take positions at Purely and Munford says he is making every effort to avoid job losses.

Munford has previously described Mortgage Centre IFA as the prestige brand and Purely the mid-market business.

Munford, who bought the first 50% stake in Purely in 2007, says he is looking forward to growing the brand under the Mortgage Intelligence umbrella.

Sally Laker, managing director of Mortgage Intelligence says that the network will be able to give Purely all the support it needs to grow and prosper.

Chesterton Private Finance also operates under the Purely banner out of Chesterton’s 23 estate agency branches in London.

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