The Belvoir Group and the Mortgage Advice Bureau (MAB) have announced they will be joining forces with The Nottingham Building Society in a move designed to enable the latter to expand its reach.
Under the terms of this deal, the mortgage advice services offered by The Nottingham will be made available to anyone who signs up to the app Beehive Money, which is due to launch later in 2021.
Up until now, The Nottingham’s mortgage advice services have been run through its own in-house organisation called Nottingham Mortgage Services (NMS). This provided borrowers with advice that was customised to their circumstances and incorporated offers from almost all of the major lenders.
Now, it has opted to shake its operations up, as the MAB will be providing all of its mortgage advice services in the future. The Nottingham has indicated that the primary reason for the change is that it wanted to team up with a provider that was able to help it reach people who do most of their mortgage and advice searching online.
The deal also means that Belvoir Group will acquire NMS from The Nottingham, but all 27 advisors and other staff will be offered the chance to stay with the organisation. They will continue to provide mortgage advice and other services to members of building society, but will act as MAB representatives.
Most of the advisors will jump at the chance to reach more digital-based customers, as they will have sought their CeMAP qualification with the aim of being at the cutting-edge of the industry.