It is the first partnership to be struck under the portal’s newly-launched brand OnTheMarket Money which will provide consumers with access to financial services and products associated with home moving.
Movers searching for a property through the portal will be able to get a Decision in Principle to confirm their maximum borrowing before they contact an estate agent to view homes. Those successful in finding a property can go on to receive full advice from the broker.
The portal said that as well as adding value to househunters, it can ensure that its estate agent and housebuilder customers receive qualified leads from serious buyers.
Later this year, OnTheMarket will roll out a fee-sharing mortgage referral proposition to give estate agents the opportunity to generate income by referring mortgage leads.
Advice more crucial than ever
Jason Tebb, chief executive of OnTheMarket, said: “The launch of OnTheMarket Money is a key step in our evolution towards becoming a one-stop-shop technology company that provides services for agents and consumers, across the entire property ecosystem.”
He added: “By having all this information and access to professional mortgage advice in one place on site, property seekers will have a much better understanding of their borrowing capabilities before engaging with an agent. Crucially, this is just the start of our journey to help our consumers find their next home and get financially qualified. As we continue to evolve our offering our aim in is to help OnTheMarket agents generate additional revenue from financial services themselves.”
L&C Mortgages will be offering full advice services to OnTheMarket users. There will be online tools available to give users an idea of how much they can borrow and a mortgage in principle as they progress their search. L&C will also offer advice to customers to help them find the right deal and criteria for them.”
Adam Connolly, chief commercial officer at L&C Mortgages, said: “In a fast-paced mortgage market we believe that advice is even more crucial for customers. L&C is excited to bring its know how to helping prospective buyers get mortgage ready, putting them in the best position to make their next house move a successful
one. That will have clear benefits not only for consumers but also for OnTheMarket agents.”
