OnTheMarket Becomes the Latest Portal to Dip Into Financial Services with Launch of OnTheMarket Money

OnTheMarket Group, the majority agent-owned British property portal, has announced the launch of OnTheMarket Money, a new umbrella brand offering consumers access to financial services and essential products associated with the home moving journey.

Under the OnTheMarket Money brand, the company has formed its first partnership with London & Country Mortgages (L&C), one of the largest whole-of-market mortgage brokers in the UK. Through this collaboration, OnTheMarket users will gain access to mortgage products and support directly through the portal.

The upgraded website will feature tools to assist consumers in obtaining a Mortgage in Principle, providing them with an estimate of their borrowing capacity and helping them save time by focusing on appropriate price ranges before contacting agents. The integration with L&C is just the first of several planned partnerships, with a fee-sharing mortgage referral solution expected to launch later this year, enabling the portals agent customers to earn referral fees.

Speaking about the launch of his company's new division, CEO Jason Tebb 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. Our financial services offering will encourage and facilitate consumer interaction opportunities by providing tools to help make the home moving process easier and more straightforward.

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, as well as being financially prepared in readiness for their next move. This will combine perfectly with our ‘buyer ready’ proposition to ensure that our customers receive qualified leads from serious property seekers."

Tebb stressed that this is only the beginning of their journey to help consumers find their next home and get financially qualified. As the company continues to evolve its offering, the goal is to assist OnTheMarket agents in generating additional revenue from financial services.

Adam Connolly, Chief Commercial Officer at L&C Mortgages, expressed enthusiasm about the partnership with OnTheMarket, saying:

"We’re thrilled to partner with OnTheMarket and bring our no fee, whole of market advice to all those looking for a new home. In a fast-paced mortgage market we believe that advice is even more crucial for customers. L&C is excited to bring our 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.”

This latest development follows the launch of OnTheMarket's Software division in September last year which provides property management and CRM products to its agent customers.

The company is seeking to broaden its appeal to agents and demonstrate value as more than just another shop window in the competitive British market and has made a series of product updates and announcements over the last 18 months. Last week the portal announced a new lead nurturing service for agents to win new instructions and in May it integrated so-called 'RentPassports' to pre-qualify rental leads for agents.