OnTheMarket (OTMP), the operator of the OnTheMarket.com property portal a leading PropTech service provider, has announced the introduction of a new division called OnTheMarket Money. This division aims to offer consumers access to financial services and essential products related to the process of moving homes.
As its first partnership under this new brand, OnTheMarket has partnered with London & Country Mortgages, a leading UK mortgage broker with a comprehensive range of mortgage products. Through the onthemarket.com portal, consumers will now have access to mortgage products and assistance provided by L&C.
The developments to the portal will support consumers seeking a Mortgage in Principle and provide them with a guidance of how much they might be able to borrow, helping make their process more efficient. The collaboration with L&C represents just one of the many integrations planned, with a fee sharing mortgage referral solution scheduled for launch later this year. This solution will allow agents to earn referral fees, presenting them with additional income opportunities.
Jason Tebb, Chief Executive Officer of OnTheMarket, comments: "The launch of OnTheMarket Money is another 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.
“We're delighted to be working with L&C to make their services available to the millions of serious property seekers who visit our site each month. This partnership will help add even more value to consumers, combined with our 'buyer ready' proposition to ensure that our agent and housebuilder customers receive qualified leads from serious property seekers."
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This launch marks another key milestone for OnTheMarket, with continued sign-ups to its software solutions further underscoring the added value it offers to housebuilders, letting agents and the industry at large.
In regards to the partnership with London & Country Mortgages, OnTheMarket Money meets a clear need in the current market, given that first-time buyers made up the largest proportion of property purchasers last year. With first-time buyers, in particular, needing guidance on how much they might be able to borrow, OnTheMarket and L&C will no doubt make this process more smooth and more efficient.
In addition, this service is well-aligned to serve agents given the current market backdrop - with house prices falling in 2023, housebuilders and letting agents are set to welcome the extra revenue that can be generated by OnTheMarket Money.
OnTheMarket attracting clients such as London & Country Mortgages is a testament to the success of its town hall engagement strategy, whereby OTM’s customer base says what they want and need, in turn ensuring demand for the services it develops.
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