Building society moves its mortgage broking operation to Belvoir
The Nottingham and the estate agency are already close after Belvoir took over its property operation in July last year.
Building society The Nottingham has signed two deals with Belvoir that transfers much of its mortgage broking activities to the estate agency group.
Belvoir Group has paid £600,000 for the building society mortgage broker subsidiary NMS, while The Nottingham has also signed a ten-year deal for broker giant Mortgage Advice Bureau (MAB) to provide its customers and members with home loans and protection products via Belvoir, which is an appointed representative of MAB.
This means that The Nottingham has effectively both moved and outsourced its mortgage brokering activity to Belvoir.
The two organisations are already close – Belvoir took over its estate agency operation in July last year at 39 out of 48 of The Nottingham’s branches across nine counties which are now co-branded as Belvoir (see pic).
At these building society branches, Belvoir will now offer both sales, letting and financial services.
Staff transfer
In the year to December 2020, NMS reported revenue of £1,743,000 and operating profit of £255,000. All 27 of its staff will transfer to Belvoir but continue to work in branch.
This dual deal between the two organisations will also see MAB supply ‘digital first’ mortgage advice to The Nottingham’s soon-to-be-launched Beehive Money personal finance app.
“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,” says Belvoir CEO Dorian Gonsalves (pictured).
“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, adds: “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.”
