Since 2014 The Nottingham has been offering advice via Nottingham Mortgage Services (NMS), a subsidiary owned by The Nottingham and based in-house, that provides tailored advice and searches thousands of mortgages from multiple lenders.
However, the Society has decided to change its strategy and partner with “a market leader that could extend this proposition to a digital-first audience”.
Through the new partnership with Belvoir, Mortgage Advice Bureau, one of the UK’s leading mortgage intermediary brands, will take over the provision of this service.
Also, as part of the new arrangement, Nottingham Mortgage Services will be sold to the Belvoir Group.
To provide a continuation of services for The Nottingham, 27 NMS team members, including mortgage advisers and other roles, will move over to Belvoir and continue to serve Nottingham branches and members as they do today but as representatives of MAB.
All other affected roles are being supported closely by The Nottingham’s team with redeployment options available across the Society and confirmation of no compulsory redundancies.
This further extends the Society’s strategic alliance with Belvoir who took over the provision of all estate agency and lettings services across The Nottingham’s branch network in 2020.
David Marlow, chief executive officer of The Nottingham, said: “Helping our members find the right mortgage for them by searching thousands of products from multiple lenders has been a key part of the Society’s purpose to help our members save, plan for and protect their financial futures for a number of years.
“Our new partnership with Mortgage Advice Bureau and Belvoir is a natural next step and an exciting development that allows us to extend and grow this service to our digital-first members who will be using the Beehive Money app, when it launches later this year.
“With us welcoming over 50,000 18-39-year-old Lifetime ISA savers, we know there’s a strong appetite for this and we already have a strong cohort of future first-time buyers looking to take their first step on the property ladder.
“We’re delighted that this unique approach between a Building Society and a mortgage network will make the home-buying dream a reality for a new generation of members.
“The evolution of our mortgage proposition and our ambition to provide this digitally, as well as face to face is further progression in our reinvention journey and reflects our ongoing aim of serving our members with products and services that are relevant to them as individuals and deliver value to them in the most effective and efficient way possible.”
Peter Brodnicki, CEO of Mortgage Advice Bureau, said: “We’re excited to be entering this unique partnership with The Nottingham.
“The Society is a modern, mutual organisation with a long legacy of doing the right thing by its members and it’s great to know that with this partnership, we will have the opportunity to provide digital led, in-app mortgage and protection advice, through our experienced advisers who will be helping tens of thousands achieve their home buying goals.”
Dorian Gonsalves, CEO of the Belvoir Group, added; “We’re delighted to extend our partnership with The Nottingham and enable the continuation of mortgage and protection advice to the Society’s members and to new members in the Beehive Money app through our team of MAB advisers.
“Our strategic alliance is embedding really well across the network for estate agency and together we can help people not only find their new home but fund it also with the right mortgage for them.”
Digital mortgage advice, facilitated by MAB, will be available for users of the Beehive Money app and website which is currently due to launch later this year and will be the new home of all of the Society’s online savings accounts, including its Lifetime ISA.
