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Towry in loan link-up with Holdsworth

National IFA Towry Law is setting up a specialist fee-based mortgage adviser in a joint venture with broker Holdsworth Financial Management to compete head-on with the likes of Charcol and Savills.

The new London-based firm will be branded Towry Law Mortgage Services. It will absorb HFM and start trading in the middle of next month, headed by HFM managing director and former Charcol director Simon Holdsworth.

Towry says the investment for the set-up is a 50-50 split. HFM will handle Towry&#39s mortgage referrals and develop its own client base.

Holdsworth left Charcol after its acquisition by Bradford & Bingley in April 2000 and started HFM in Warwickshire 18 months ago. It has a turnover of £500,000 but aims to reach £5m by the end of 2003 with the new venture.

Towry will not disclose how much it generates from mortgage sales but says this has not been a business focus.

TLMS will have 15 mortgage advisers at launch, with Holdsworth as managing director and Towry MD John Simmonds as chairman.

Holdsworth says: “We will become the specialist mortgage arm of Towry and will be a pure mortgage player with a good degree of focus and experience. We aim to be one of the biggest brokers.”

Charcol spokeswoman Siobhan Hotten says: “Given the complexity of the market, it is good that consumers are getting more access to advice. We wish them luck.”

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