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Bankhall buys Pru loan club

Bankhall has bought Prudential&#39s mortgage club Premier Mortgage Services for an undisclosed sum thought to be between £4m and £8m.

The deal was finalised last week. Prudential had been in negotiations with the Skipton Group over the sale of its mortgage club and Network Data is also believed to have been in the running.

PMS will become part of Bankhall mortgage arm Point One. The combined membership of the two companies is expected to be more than 15,000 advisers.

Bankhall is to make PMS available to the entire mortgage market. Previously, it could only be used by FSA-regulated advisers.

Manager John Malone believes this change will significantly increase the amount of business done by the club.

Malone will continue to head the business and will stay with the company for three years. He then has the option to remain for another two years.

He says: “The dynamics of the mortgage market are set to change significantly with the advent of an FSA regulatory framework. The clear winners will be those who adapt to and embrace the change.

“The integration of PMS into the Bankhall Group allows us to complement our current services with a range of enhanced facilities required ahead of regulation.”

Bankhall joint chief exec-utive Paul Hogarth says: “We see this union as being of symbiotic benefit to both parties. From a Bankhall perspective, the bringing together of the two businesses represents a key strand in our corporate objective of dominance in the mortgage adviser support arena.”

London & Country mortgage specialist David Hollingworth says: “It was always on the cards that PMS was going to be sold.

“I am sure they will be very pleased with the deal. Distribution is always key in the mortgage market and this is going to be a very powerful distribution arm.”

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