Home of Choice sets sights on acquiring networks

Home of Choice is in talks to acquire smaller networks and says it has recruited a well known industry figure to help design exclusive mortgage products.

Richard Coulson, managing director of Home of Choice, predicts the network will double its current 1,100 applications in the next three years, to over 2,000.

He says it has appointed a mortgage product developer and details will be realised this Tuesday.

Coulson has not ruled out acquiring smaller firms and says the company has been in talks with a couple of floundering networksHome of Choice will soon have well over 1,000 specialists on board, just three months after starting trading, including some 500 appointed representatives and 600 directly authorised firms.

Coulson says the target is to become the leading mortgage distribution brand, and when its 1,100 applications are processed Home of Choice will be the second largest mortgage network.

He expects to see a surge in applications at the end of November, once his court battle with Zurich is over.

Of Home of Choice’s 1,100 applications, only 12 are ex-Openwork appointed representatives.

Coulson says he is surprised that Home of Choice’s proposition has attracted 600 DA firms.

But despite the early success of the network Coulson says it will not move into other areas of financial planning, and will maintain its focus on mortgages.

He says: “One of Home of Choice’s benefits is that it has no tie-ins. We are transparent and invite our members to come to us with comparisons with other networks if they are offering a better deal.”

He adds: “Our single-minded focus will be attractive to many mortgage introducers who are unsure of where their interests will best be served.

“Talented specialists will benefit from joining Home of Choice, whether part of a general financial services network, still deciding which network to join or one of the many who, since applying for DA status, are finding it too onerous and are seeking a more profitable way of conducting business.”