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Purplebricks launches mortgage advice firm

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  • 08/12/2022
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Purplebricks launches mortgage advice firm
Technology-led estate agency firm Purplebricks has launched a mortgage advisory business, Purplebricks Financial Services.

Clients do not need to be selling or buying through Purplebricks to use the service. 

The company, which was founded in 2012, also announced its half-year results today. According to its results, the financial services business was officially launched on 1 November, five months ahead of schedule. 

It said it was on course to meet its full-year expectations but reported a 38 per cent drop in gross profit to £16.2m and posted an operating loss of £11.7m, a five per cent rise on the same period last year. 

It said its turnaround plan was being “delivered at pace”. 

Purplebricks said the mortgage business would allow it to “control the end-to-end customer journey and receive a threefold increase in revenue per mortgage.” 

 

Purplebricks: ‘Crucial that homebuyers use a broker’

It said it also opened up the opportunity for Purplebricks to sell its customers other financial products such as insurance, as well as generate repeat business from remortgages or other financial product renewals. 

Purplebricks added: “We are taking a compliance-led, disciplined approach and are scaling this business in a phased approach, to match our resources with the growth in demand.” 

Helena Marston, CEO of Purplebricks, said: “Mortgages are the biggest financial decisions most people ever make and now more than ever, it is crucial that homebuyers or those looking to re-mortgage use the services of a broker, not just for advice, but also to ensure they can access the largest number of lenders, providing a wide range of choice for customers. That’s what we offer every customer. 

“Mortgages have not been far from the news over recent months with rising interest rates and the cost of living crisis making it more challenging for many. Our advisors will work closely with customers to ensure they are getting the deal that’s right for them.” 

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