London & Country Mortgages and Habito are in discussions about a possible combination, according to Bloomberg.
The two companies would work with advisers on a deal, creating one of the UK’s largest mortgage brokers.
The deal, expected to be announced in the coming months, would combine London & Country’s telephone advisers with Habito’s online platforms, the Bloomberg source said.
While discussions between the two brokers are ongoing, it has been noted that the deal could still be delayed or fall apart.
Habito was founded by Daniel Hergerty in 2016 following a “horrible experience” while buying a house.
The online mortgage broker is backed by venture capital and aims to give people the tools, knowledge and expert support they need to help them buy and finance their homes, according to the company’s website. ‘business.
The Bloomberg source said Habito’s latest funding round valued it at around $180 million.
London & Country Mortgages was founded in the 1980s and has offices in Bath, Newcastle and London. According to the company’s website, the broker collects a fee from the lender after the mortgage is completed, but does not charge a fee to its clients.
In March, Habito launched longer-term fixed rates for owners at seven and 10 years.
Habito’s vice president of lending, Alan Fitzpatrick, said the move to offer longer-term mortgages made sense given recent moves by the Bank of England.
Commenting on the possible combination, London & Country said: “We do not comment on market speculation.”
Habito did not immediately respond to a request for comment.