Online life insurance broker Click is starting a sub-prime mortgage business and is looking to buy a mortgage brokerage.
Click has doubled its turnover and staff numbers in the past year and wants to complement its secured loans and protection offering with an aggressive push into mortgages later this year.
The company, launched in 2000, is planning to have the sub-prime mortgage business up and running in six months.
Last year, Click posted turnover of £22m. It aims to double this to £40m this year and increase its staff from 250 to 350.
Managing director Steve Teague says he is on the hunt for a mortgage brokerage as an acquisition or partnership, with the idea that direct sub-prime business will be processed through Click but customers who want prime mortgages will be referred to the brokerage.
Teague says: “Our aim is to be the biggest internet financial services provider. Mortgages are an obvious fit and we are going full steam ahead.”