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Munford grabs remaining stake in Purely

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 just have 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% stake of Purely from Vincent Tchenguiz’s of 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.”

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 as a result of the restructuring.

Munford has previously described Mortgage Centre IFA as the prestige brand and Purely the mid-market business after buying the first 50% stake from property tycoon Vincent Tchenguiz in December 2007.

Munford says he is looking forward to growing the brand under the Mortgage Intelligence umbrella.

He says: “We are looking forward to working with Mortgage Intelligence and feel its services shall fit very well with our business. We looked at other propositions and felt that theirs was the most compelling.”

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

She says: “I am delighted to welcome Purely as an AR of Mortgage Intelligence and wish Paul and his team every success. We are also looking forward to providing Purely with all the support it needs to grow and prosper.”

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


Many winners at MS Awards night

Chatroom is delighted to confirm that a generous £2,980 was raised for children’s charity CLAPA by attendees at the recent Mortgage Strategy Awards.

Abbey to offer bundled mortgages

Speaking at the Abbey Key Accounts Conference in Sunningdale today, Ricky Okey, managing director of intermediary distribution for Abbey and A&L, says it plans to offer current accounts and other products alongside mortgages.

AMI predicts broker market could shrink 50%

Speaking at the Abbey Key Accounts Conference in Sunningdale today, Chris Cummings, director general of the Association of Mortgage Intermediaries, says the number of mortgage brokers could drop to 15,000 by the end of 2009.


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