MI buys up FYB Network

Mortgage Intelligence last week bought mortgage network Life and Easy, which trades as FYB Network.

FYB, which has around 50 advisers, will join the Mortgage Intelligence and Mortgage Next brands under the umbrella of Mortgage Intelligence Holdings.

MI would not disclose how much the deal was worth.

MIH managing director Sally Laker says: “FYB have a strong protection and insurance offering which will complement the well-established mortgage background of both Mortgage Intelligence and Mortgage Next. It also enables all brands under Mortgage Intelligence Holdings to benefit from significant economies of scale and add to our already strong profitability.

“In particular, the values and behaviours are a great overlap in our two companies and I am looking forward to working with the great team of advisers that are part of FYB, focusing on delivering a quality service and significantly contributing to growing our business in a climate that is very challenging.”

FYB founder Mal Rostron says: “This is a tremendous opportunity to grow the current network and work in partnership with Mortgage Intelligence. With the backing of such a well-respected brand as Countrywide and the synergy that exists between Mortgage Intelligence and FYB, this is a positive step for all parties.”