LSL Property Services subsidiary First Complete has acquired The Mortgage Alliance from Santander UK.
The deal was first revealed on Moneymarketing.co.uk yesterday.
The value of TMA gross assets acquired was £250,000, and the TMA brand will be retained.
TMA was set up in 1999 and supports over 3,500 directly authorised mortgage advisers.
LSL says the deal will give DA advisers access to a wider range of mortgages, while expanding current support for appointed representatives of First Complete.
It follows a number of acquisitions made by LSL over the last 18 months. The company bought Halifax Estate Agencies from Lloyds Banking Group in January 2010, and acquired mortgage network Home of Choice, now First Complete, in May 2010.
It later bought Pink Home Loans for £1.6m in November.
First Complete chief executive Jon Round (pictured) says: “TMA is a mortgage club with a good reputation which has an exceptional offering to DA advisers. First Complete will now be able to provide a high quality proposition to DA firms.”
A spokesperson for Santander says: “Santander is committed to becoming the best commercial bank in the UK. Following a strategic review and in line with our focus on core business areas, we can confirm that we have taken the decision to sell TMA to the LSL group.”