Strike Financial Services will be renamed as Purplebricks Mortgages, after its parent company purchased the online estate agency last year for £1.
This will ensure its mortgage operation runs under the same brand as the online estate agency, and will result in a team of more than 150 people switching to work under the Purplebricks Mortgage name.
Following the acquisition of the Purplebricks online estate agency, the business is focused on offering buyers access to mortgage deals through its in-house team of advisers. The company said this will mean customers can benefit from an end-to-end house buying solution on the Purplebricks platform.
As Strike Financial Services, the business has facilitated more than 315 new mortgages per month this year, and has offered 1150 mortgages this year, taking an average of 15.33 days to arrange. It points out that more than 330 mortgages have been offered to first time buyers in 2024, reflecting its particular expertise in this area.
Purplebricks estate agency introduced a new pricing model last year, offering sellers a free valuation, plus listing on a major portal, and an app letting them control their listings and viewing.
Purplebricks Mortgages managing director Joanne Pocklington says: “Moving to the Purplebricks name is the next stage of our evolution in the group. The process of finding the right mortgage is critical to supporting the growth in home ownership in the UK.”
Purplebricks CEO Sam Mitchell adds: “The teams at Purplebricks and Strike will leverage their experience and knowledge in the property industry as we transition to Purplebricks Mortgages.
“With increased competition from banks on mortgage rates, our ambition is to show to buyers the range of trustworthy and expert lenders available to support them on what can be a stressful and costly journey.”
Purplebricks was acquired by estate agency group Strike in May last year, after putting itself up for sale in February. Profitability plummeted at the group as the slowdown in the housing market hit its low-fee online approach.
Strike is backed by Freston Ventures, the private equity and venture capital group founded by Sir Charles Dunstone, the entrepreneur behind Carphone Warehouse.
