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Private equity firm Corsair Capital is close to buying almost a third of mortgage broker London & Country, according to people familiar with the situation.

L&C is the UK’s largest fee-free mortgage broker. Unlike other brokers, it does not charge customers a fee for its services, and is paid instead by commissions from the lenders. The company has been looking for an investor since last autumn ahead of a potential IPO within the next few years.

Corsair, which specialises in investing in the financial services industry, is likely to take a 30 per cent stake in L&C in a deal which values the mortgage broker at around £150m.

Lord Davies, the former UK trade minister who chairs Corsair, is likely to take a seat on the L&C board.

L&C and Corsair declined to comment.

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