Santander is set to sell mortgage club The Mortgage Alliance (TMA) to LSL Property Services.
The acquisition could be completed as soon as this evening, sources confirmed, but no further details are known.
TMA has been in operation since 1999 and is wholly owned by Santander, having come as part of Abbey’s acquisition of Scottish Provident. It currently supports 3,500 directly authorised intermediaries.
LSL Property Services has made several acquisitions in the last year, including networks Home of Choice (rebranded to First Complete) and Pink Home Loans.
It has made no secret of its ambitious growth plans, with chief executive officer Simon Embley saying that buying further businesses forms part of its strategy.
Santander, LSL Property Services and TMA refused to comment.
