Mortgage Broking Services Ltd has acquired Professional Mortgage Partnerships Network Limited which will create a combined network of more than 400 mortgage advisers within 294 Appointed Representatives.
The combined operation will operate under the MBSL brand.
MBSL managing director Tony Corrigan will retain the same role within the enlarged operation while Bob Scott, chief executive of PMP, joins the board of MBSL as a non-executive director.
Both MBSL and PMP members will continue to operate with their existing mortgage sourcing systems, which will help to minimise disruption generated from the integration process, with a decision on future sourcing systems likely to be taken in early 2008.
Corrigan says: “This merger is very much about economies of scale which will ensure that both existing MBSL and PMP members will benefit from the enhanced bargaining power of a larger network. MBSL’s proposition is generally recognised to be one of the lowest cost compliance solutions in the sector and this will be reinforced by this merger.”