Mortgage giant BetterHome Group makes UK debut

Source: 123RF.

“It has always been our dream to extend our business beyond South African borders and we couldn’t be more excited about moving into this next phase of our growth strategy,” says BetterHome Group chief executive officer, Rudi Botha.

“Mortgage origination is flourishing in the UK, with 75% of all home loans being managed by 15,000 specialist mortgage brokers. The market holds enormous potential and we are confident that in HLPartnership, we have found the perfect partner to successfully pursue our vision of creating better lives for more people through the power of homeownership in South Africa and the UK,” he continues.

Founded in 2001, HLPartnership was among the first networks focused on mortgage and insurance brokers. Now based in Leicester and Chichester, it supports over 940 brokers and 400 mortgage broking businesses.

Ranked eighth in the UK by lending volume, HLPartnership holds a 3.5% market share. It has also earned the 'Best National Network Partner' Award four times in recent years at the esteemed Legal and General Mortgage Club Awards.

Impressive track record

“HLPartnership has a hugely impressive track record and the professionals within its network currently assist in excess of 5,000 clients every month, which represents over £11bn (approximately R260bn) in mortgage registrations each year,” explains Botha.

“Naturally, the scale of the UK mortgage market and of HLPartnership were key considerations when it came to finding an international partner, but we are fortunate that in HLPartnership, we have also found a business with an outstanding industry reputation – and one that aligns closely with our group in terms of strategic approach, values and an entrepreneurial culture.

"From the beginning, we have been impressed by the dedication of the leadership and its teams to the mortgage and insurance brokers they serve. This is a value that echoes our commitment to putting the customer at the heart of everything we do at BetterHome Group."

Both businesses emphasise technology and data, a key focus for BetterHome Group, which has invested in South African proptech companies like Private Property, Loom, SwitchX, REDi, and amplifi.

This aligns with BetterHome Group’s mission to invest in and partner with firms specialising in enhancing the home journey. HLPartnership similarly prioritises technology, committed to offering its partners top-notch solutions to support its growth and success.

HLPartnership chief executive officer, Christopher Tanner, comments, “What made the partnership with BetterHome Group especially attractive is its focus on bringing new innovations to market.

"We believe that these are key to the mortgage and insurance brokers we partner with reaching their full potential, and by partnering with BetterHome Group, we are confident that our brokers will have access to the most advanced technology available.”

Expanding homeownership horizons

For the past 24 years, BetterHome Group has supported over one million South Africans in their path to homeownership through its BetterBond and MortgageMax businesses, securing a third of all registered home loans.

It has also broadened its offerings across the homeownership value chain. By partnering with HLPartnership, BetterHome Group aims to advance its mission of helping more people achieve their homeownership dreams and facilitate cross-border insights.

“As businesses that have an established presence in their respective markets, there’s so much we can learn from one another. And given the many similarities between the markets, there are already learnings we can implement across our mortgage and insurance solutions by leveraging specific initiatives across product, compliance, and technology.

"We also look forward to preparing the way for some of our existing partners in South Africa who hope to one day expand into the UK market. So much opportunity exists for BetterHome Group and HLPartnership and we believe that through close collaboration across all dimensions of our markets and industries, we can drive the mutual growth and success of this partnership into the future,” concludes Botha.