Contractor Mortgages Made Easy (CMME) recently acquired rival firm Contractor Financials, meaning that contractors will now be able to benefit from a greater choice of financial services, Contractor Calculator reports.
Commenting on the acquisition, CMME's CEO Sat Singh said that it was "an exciting development for contractors and freelancers across the UK, as we know this opportunity will allow us to have greater influence on lenders."
He also added that the group was "keen to broaden the choice for this growing sector and will continue working to develop financial products that meet contractor's needs."
The news comes following investment from private equity firm Livingbridge, which was aimed at speeding up growth. Following the merger, the group will now deliver 6,000 contractor mortgages each year, through its 130 specially-trained members of staff.
Dave Chaplin, CEO of ContractorCalculator – whose financial adviser partner is, incidentally, CMME – said that his company was "looking forward to working with the enlarged group."
Chaplin believes that the combined force of both groups will give CMME more negotiating power when it comes to contractor-specific mortgage products, such as mortgages based on contract rates and life policies that take a contractor's total earnings into account. This, he says, "should result in further financial services innovations that directly benefit contractors."
Singh adds that CMME now has "ambitious growth plans" to improve its offering for contractors as well as its place in the market, and was aiming to form "a best-of-breed business with a view to serving the financial interests of the contractor freelancing community."