Just over three months ago we launched an introducer scheme for auction houses across the UK. It has gotten off to a flying start with 40 auction houses already signed up.

As a result of the prevailing economic conditions auction houses have seen increasing numbers of winning bids falling through at the completion stage, as investors were unable to secure mortgages in time. There is still a shortage of mortgage credit and this is especially true of the buy to let sector. It is taking longer for mortgages to be approved, meaning investors can miss out on properties. As a result, we launched an introducer scheme for auction houses.

We already worked closely with a number of leading auction houses including Pugh & Company, Barnard Marcus, Edward Mellor, Graham Penny and Eddisons, and wanted to formalise our relationship with them. After discussion, we launched the Auction House Introducer Scheme, giving auction houses the tools to refer business to us so that their buyers can access the finance they need and complete their purchases. Of course, this also benefits the auction houses, as they enjoy better sale rates and fewer withdrawn lots.