Money Partners was the trading name of Money Partners Limited (MPL) and Money Partners Loans Limited. MPL offered a range of mortgage products (fixed, variable, and discounted) and flexible secured loans. The company was a big partner of Black & White Mortgage Company. MPL primarily, offered mortgages to customers with adverse or non-standard credit history.
MPL was founded in 2004 with a main base in Uxbridge. The company then acted as a subsidiary of the Kensington Group plc. Kensington Group plc held a 57.5% stake in MPL. On January 9, 2008 MPL acted as a subsidiary of the Goldman Sachs Group Inc. after being bought outright by Goldman Sachs.
In June 2006, MPL was one of the founding lenders to the new website www.tcfinfo.co.uk which was committed to offering support to mortgage intermediaries for implementing the FSA Treating Customers Fairly (TCF) policy. The founding lenders, ironically, were some of the key players in the sub-prime mortgage crisis.
Money Partners Touch (mptouch) was announced and released in December 2006 to enable introducers a direct route online to MPL.
In June 2008, MPL made the decision to limit the products available in their range to only 20 authorised introducers or brokers. All other existing accredited introducers were not able to make any applications direct to MPL or through mptouch. At the same time, MPL made alterations to their ‘risk grades’ which were then further sub-sectioned into Near Prime Plus, Near Prime, Lite Plus, Lite and Flexi. Other alterations included an introduction of automated credit scoring.
In October 2008, MPL started laying-off a portion of its staffing.
In February 2009, all new lending was suspended by MPL.
The FSA changed their status to ‘No Longer Authorised’ in April 2010.