At the beginning of the year Hamptons revealed that it was looking to wind down its existing mortgage broking subsidiary, Hamptons Mortgages.
Instead, it said it was looking to partner with a third party mortgage brokerage to handle its mortgage referrals. Last Tuesday it finalised an exclusive deal with First Action Finance.
Of the 18 brokers previously employed at Hamptons Mortgages, 15 have transferred to First Action Finance on a self-employed basis.
Three other brokers have also joined the company from Cobalt Capital.
Jonathan Cornell, industry consultant and former managing director of Hamptons Mortgages, says the move is great news for the brokers involved and a rare good news story for the industry.
He says: “I’m sure these brokers will be successful and the fact that the firm is growing so fast is testament to the quality of its proposition.”
Joe Cohen, managing director of First Action Finance, says: “We’re thrilled to have won the confidence of Hamptons to the extent that it is happy to recommend us to clients.
“I believe the factors contributing to this decision include our commitment to a high level of customer service, our financial strength and controls and the fact that we were able to demonstrate to Hamptons that consumers like doing business with us.”
Shakeel Barok, chief operating officer of Hamptons International, says it is vital that its clients con-tinue to receive top quality support and advice.
He adds: “First Action Finance is not only a dynamic and respected consultancy, it’s also a company that reflects our brand values in offering clients impartial expertise and outstanding service.
“We welcome this referral arrangement and look forward to First Action Finance providing our cli-ents with an excellent level of cus-tomer service.”