Countrywide buys Mortgage Intelligence
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Countrywide has today announced that it has bought Bournemouth-based network Mortgage Intelligence.
In May 2009 Mortgage Next’s parent European Financial Solutions bought MI to form Mortgage Intelligence Holdings. Combined the two firms provided £3.5bn worth of mortgages in 2010.
MI will operate independently of Countrywide’s existing 650 mortgage consultants.
Sally Laker will continue to oversee the business as managing director reporting to Nigel Stockton, Countrywide’s financial services director and will also join Countrywide’s senior management team.
A spokeswoman for Countrywide refused to comment on how much it paid for MI.
In 2010 Countrywide purchased estate agency chain Hamptons International, Sotheby’s International Realtor and lettings firm The Letmore Group. But this is its first major purchase of a major UK mortgage distributor.
Rumours have been rife within the market that Countrywide has been looking over the last couple of months to buy a high net worth London brokerage, with Savills Private Finance and Knight Frank two names in the frame. So far no deal has been forthcoming.
This latest acquisition will take Countrywide’s mortgage market share 6%of the total market and more than 11% of the intermediary market.
Grenville Turner, chief executive of Countrywide, says: “The broker market has endured some challenging times over recent years - the acquisition of Mortgage Intelligence and Mortgage Next signals an exciting new chapter for their members and Countrywide.
“Work is already underway to see how we can use our expertise to introduce unique benefits to clients of both networks, which we will be sharing details of over the coming months.”
Sally Laker, managing director of MI, says: “This deal is fantastic news for our staff and members - I look forward to continuing to work with them and our new colleagues at Countywide.”
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