Bankhall has announced the acquisition of Norwich Union's mortgage club, with the sale expected to be completed by May, 2004.
Currently the fourth biggest club in the UK with 35 member lenders and 7,000 intermediaries signed up to it, NUMC joins Bankhall only months after the support services provider acquired Prudential's much larger mortgage club.
Sources close to the deal say that while no money has changed hands, it makes sense given NU's strong relationship with a number of smaller building societies.
Bankhall chief executive Paul Hogarth says: “This acquisition gives Bankhall greater access to an even wider range of mortgage suppliers and enables us to offer an even better service to the intermediary mortgage market.”
NU sales & marketing director Peter Hales says: “With the onset of regulatory change in the mortgage market, intermediaries who have supported NUMC will require additional services such as authorisation and compliance. The sale of NUMC to Bankhall will give intermediaries access to these services.”