Belvoir Group boosts financial services through acquisition of Nottingham Mortgage Services
03 Jun • Insight
Less than one year after announcing a strategic alliance with The Nottingham, Belvoir has further extended this innovative partnership by acquiring the entire share capital of Nottingham Mortgage Services – a subsidiary of the Nottingham Building Society.
The deal has immediate benefits for both Belvoir and The Nottingham’s members and in addition, this acquisition has enormous long-term potential as Belvoir, which is an appointed representative of Mortgage Advice Bureau PLC, continues to grow its wholly owned financial services division.
Belvoir CEO Dorian Gonsalves said: “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. 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.
“This acquisition represents a massive opportunity for the Belvoir Group to grow our mortgage business, which will not only be of enormous benefit to Belvoir, and future generations of home-owners, but also to members of The Nottingham.”
Chief Executive Officer of The Nottingham, David Marlow, commented: “Helping our members find the right mortgage for them by searching thousands of products from multiple lenders has been a key part of the Society’s purpose to help our members save, plan for and protect their financial futures for a number of years. Our new partnership with Mortgage Advice Bureau and Belvoir is a natural next step and an exciting development that allows us to extend and grow this service to our digital-first members who will be using the Beehive Money app, when it launches later this year.
“With us welcoming over 50,000 18-39-year-old Lifetime ISA savers, we know there’s a strong appetite for this and we already have a strong cohort of future first time buyers looking to take their first step on the property ladder. We’re delighted that this unique approach between a Building Society and a Mortgage Network will make the home-buying dream a reality for a new generation of members.
“The evolution of our mortgage proposition and our ambition to provide this digitally, as well as face to face is further progression in our reinvention journey and reflects our ongoing aim of serving our members with products and services that are relevant to them as individuals and deliver value to them in the most effective and efficient way possible.”