In a first for a mortgage origination business in South Africa, BetterHome Group has announced that it is expanding internationally through an investment in HLPartnership, the largest privately owned network for mortgage and insurance brokers in the UK.
“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 CEO, 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.
When HLPartnership was established in 2001, it was one of the first networks dedicated to mortgage and insurance brokers. Today, it operates out of offices in Leicester and Chichester, serving over 940 brokers and more than 400 mortgage broking partner businesses.
As the eighth-ranked network by lending volumes, the business holds 3.5% total market share in the UK. It has also been recognised as a market leader, having claimed the ‘Best National Network Partner’ Award four times in recent years at the prestigious Legal and General Mortgage Club Awards.
“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 £11 billion (approximately R260 billion) 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.
The two businesses also share common ground when it comes to technology and data. Both are a key focus for BetterHome Group which has invested in several companies in the South African proptech and data space, including Private Property, Loom, SwitchX, REDi, and amplifi.
This is in line with its mission of identifying, investing in and partnering with people and businesses that specialise in the home journey to make it a dream experience for everyone involved. HLPartnership also places huge emphasis on this aspect of its business and is committed to providing its partners with the best technology solutions to ensure their continued growth and success.
HLPartnership CEO, 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.”
Over the past 24 years, BetterHome Group has, through its BetterBond and MortgageMax businesses, helped more than one million people in South Africa on their journeys to homeownership and secured one third of all home loans registered. It has also extended the home journey to include several significant solutions across the value chain. By partnering with HLPartnership, the Group intends to progress its vision of helping more people realise their dreams of homeownership, and enable cross-border learnings.
“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.
