London & Country has welcomed the creation of Concordia even though it declined the opportunity to be a part of the high net worth broker alliance.
L&C head of communications David Hollingworth says the group, formed today, is likely to bring cheaper deals for the five members due to their leveraging of volume.
He does, however, stress that lender support is a vital part of the initiative. So far, only HBOS has confirmed its backing to Concordia, though talks with other lenders are planned.
L&C says it was approached by the group earlier this year but that it does not fit in with its business plans at present.
Concordia consists of Alexander Hall, Chase De Vere Mortgage Management, Cobalt Captial, Hamptons International Mortgages and Savills Private Finance.
Hollingworth says: “The five are looking to bundle together volume which should in theory give them better terms. The theory is sound and you have got to build relationships with lenders as well, which I am sure they will.
“I would not rule out wanting to be part of it in future but, of course, we would have to be accepted. We were approached but we felt it was not something for us at this stage. We have to put time and focus in to something like this in addition to what we are doing already so we decided not to join.”