OneDome has closed its first acquisition of a mortgage brokerage firm, acquiring CMME Mortgage and Protection Limited from CMME Group, for an undisclosed amount.
The deal is subject to receiving change in control approval from the FCA.
CMME Mortgage and Protection Limited arranges around £800m worth of mortgages per year which represents roughly 0.35% of the entire mortgage market. As part of the transaction, OneDome also acquired CMME Group’s wealth management unit, Contractor Wealth Management Limited, a wealth management business with £130m of assets under management. CMME’s 65 strong team will join the OneDome Group as part of this transaction.
OneDome launched its property listing website in late 2019 as an alternative to rightmove.co.uk and zoopla.co.uk. It has recently launched an eHomeBuying platform that offers an ‘one stop shop’ digital home buying experience.
This acquisition will allow OneDome to significantly increase its mortgage brokerage capability and service its website clients. OneDome has also partnered with several estate agents and housebuilders to provide their clients with property transaction management service via its eHomeBuying platform.
This is the second acquisition by OneDome. In 2019, to launch its property search website, OneDome acquired consumer website nethouseprices.com, the UK’s first website to make land registry transaction data easily accessible to UK consumers.
Babek Ismayil, CEO of OneDome, said: “The property market is one of the few areas which has experienced limited impact from technology. The homebuying journey isn’t fit for purpose and has had little breakthrough innovation since the launch of classifieds like Rightmove in the early 2000s. Our goal is to make homebuying a faster, simpler and more enjoyable experience for everyone.
“We believe that our eHomebuying platform will change how we buy properties in the same way that e-commerce platforms changed how we shop forever. This is only our first acquisition of a mortgage brokerage, and we are in discussion with several other target firms. Our five-year goal is to service 10% of all property purchase and sales in the UK.”