Norwich Union Agrees To Sell Mortgage Club To Bankhall

Norwich Union, the UK's largest insurer, has agreed to sell the Norwich Union Mortgage Club (NUMC) to Bankhall, one of the UK's leading suppliers of intermediary services. The sale is expected to be completed by the end of the first

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Norwich Union, the UK’s largest insurer, has agreed to sell the Norwich Union Mortgage Club (NUMC) to Bankhall, one of the UK’s leading suppliers of intermediary services.

The sale is expected to be completed by the end of the first week in May.

NUMC is currently the fourth biggest mortgage broker club in the UK, representing 35 lenders and distributing mortgages through more than 7,000 intermediaries.

“With the onset of regulatory change in the mortgage market, intermediaries who have supported NUMC will require additional services such as authorization and compliance,” said Peter Hales, Norwich Union’s sales & marketing director. “The sale of NUMC to Bankhall will give intermediaries access to these services. We will continue to work closely with our distribution partners to help them capitalize on the opportunities offered by the mortgage market.”

Paul Hogarth, chief executive of Bankhall, added, “This acquisition gives Bankhall greater access to an even wider range of mortgage suppliers and enables us to offer an even better service to the intermediary mortgage market.

“This announcement further reinforces our objective of being the pre-eminent support services provider and takes us a step closer to our vision of a unique “one-stop shop” for mortgage and general insurance intermediaries as we move towards regulation later this year,” Hogarth said.

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