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LSL Property Services splashes out £2.5m on new build broker

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  • 29/03/2018
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LSL Property Services splashes out £2.5m on new build broker
A subsidiary of LSL Property Services has bought a 60% stake in new build mortgage broker specialists RSC New Homes Limited (RSC). 

 

Your Move obtained the majority stake in RSC for £2.5m, marking the latest in a series of investments by LSL into the financial services and property markets.

RSC works closely with builders to provide new build customer mortgages and also advises on protection for new build purchasers. It was already an appointed representative of LSL’s recently re-branded Primis mortgage network.

The investment is to complement and increase geographical coverage of LSL’s existing offering in the new build market, the business said.

The group acquired Group First Ltd in 2016, which also offers new home mortgage advice through its subsidiary, Mortgages First.

 

Partnership to provide further growth

James McAuley, chairman residential development and investments at LSL (pictured), said: “Since 2013 RSC has been an appointed representative of Primis mortgage network, going from strength to strength under the knowledgeable leadership of David Booth.

“We are hugely excited to be able to bring the business into the LSL group.

“This acquisition supports LSL’s strategy of enhancing its position as a leading mortgage distributor, and increasing long-term stability by investing in core areas of the UK’s residential property services sector.”

David Booth, chief executive of RSC New Homes Limited, added: “RSC has experienced significant growth over the last few years, enjoying great success as an appointed representative in LSL’s Primis mortgage network.

“As a business, we’re ready to take the next step and further strengthen our position in the market.

“This strategic partnership with LSL will allow us to do just that, providing further growth opportunities and a positive future for the RSC staff,” he added.

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