Franchise agency giant Belvoir has acquired share capital in a small mortgage company.
Nottingham Mortgage Services Limited, a wholly owned subsidiary of the Nottingham Building Society, has been bought by Belvoir for £600,000; the deal will be completed at the end of July.
At the same time, The Nottingham is entering into a 10-year agreement with Mortgage Advice Bureau to provide mortgage and protection advice, through Belvoir as an appointed representative of MAB, to its members via its branch network and over the phone.
This service will be extended to users of The Nottingham's 'Beehive Money' app when it launches later this year.
"“The reinvention of The Nottingham as a Building Society for the future, and the extension of Belvoir’s partnership is a very exciting chapter in the history of our companies” explains the chief executive of the Belvoir Group, Dorian Gonsalves.
“In the last 12 months the majority of The Nottingham’s 48 branches have become dual branded with Belvoir and we now look forward to welcoming the team of 27 who will be moving over to us whilst remaining located in their existing Nottingham branches and head office locations. This acquisition will bring our current total of advisers to 236. We are confident of increasing this number to 250 by the end of 2021.
“Our strategic alliance is embedding really well across the network for estate agency and together we can help people not only find their new home but also fund it with the right mortgage for them.”
Given the existing presence of Belvoir Group franchisees within The Nottingham branch network, this acquisition enables Belvoir to extend its property services offered to The Nottingham's customers to encompass property sales, lettings and financial services.
Currently 39 of the 48 Nottingham Building Society branches are dual-branded with a Belvoir Group franchise.
Peter Brodnicki, chief executive of Mortgage Advice Bureau, says: "We're excited to be entering this unique partnership with The Nottingham. The Society is a modern, mutual organisation with a long legacy of doing the right thing by its members and it's great to know that with this partnership, we will have the opportunity to provide digital led, in-app mortgage and protection advice, through our experienced advisers who will be helping tens of thousands achieve their home buying goals."