The Norwich Union Mortgage Club will be integrated under Bankhall's Premier brand over the next 12 months.
As Mortgage Strategy exclusively revealed last week the club has been purchased by Bankhall for an undisclosed sum joining Premier Mortgage Services, purchased from Prudential.
Shaun Godfrey, Bankhall group sales director, says NU Mortgage Club and Bankhall's mortgage club, Point One, will be merged under the Premier Mortgage Services brand.
Norwich Union's decision to sell is thought to have come about after directors decided the risks of taking on principal status were too great for the UK's largest insurer. That, and a desire not to operate in competition with strategic partners such as Bankhall, are believed to be the main reasons that Norwich Union sold its club.
Jon Round, head of mortgage development at Norwich Union, has been tasked with ensuring a smooth integration between the club and Bankhall. After that he will operate as the link between the organisations.
John Whitehead, technical manager of mortgage development at NUMC, and the rest of the club's staff will transfer to Bankhall. Mortgage Strategy understands that no redundancies are planned.
Whitehead says: “This gives us a scale far larger than anything the three individual constituents could have achieved. The next part is developing the best propositions that we can for the market.”
Godfrey adds: “Bankhall has a strategy of creating a one-stop shop to provide members with life insurance, mortgages and general insurance sales backed up with compliance services.
“We don't have further acquisitions planned, but who knows what changes regulation will bring?”