Broker network Mortgage Advice Bureau has made a “significant” investment in the UK Moneyman brokerage.
The network says that as part of the undisclosed investment, UK Moneyman will become an appointed representative of the group.
It adds that the move also supports the network’s “ongoing growth strategy, particularly in specialist areas, such as later life lending”.
Hull-based UK Moneyman was founded in 2009 and is led by managing director Malcolm Davidson (pictured), who has more than 30 years of experience as a mortgage adviser.
Davidson was part of a business with Mortgage Advice Bureau over 20 years ago, when it was a mortgage specialist firm. He then went on and set up UK Moneyman.
Davidson says: “We’re delighted to be returning to Mortgage Advice Bureau. It’s clear the scale, support and technology Mortgage Advice Bureau provides will accelerate our growth plans and help deliver even better outcomes for our customers.”
Mortgage Advice Bureau distribution director Gareth Herbert adds: “I look forward to working together to grow and enhance our proposition, particularly in other areas such as later life lending where UK Moneyman have really excelled.”
Last week, Mortgage Advice Bureau said total mortgage completions lifted 17% to £14.2bn in the first six months of the year from 12 months ago, adding it expects business “to continue building” in the second half of the year.
During the period, the network, led by founder and chief executive Peter Brodnicki, made several broker acquisitions.
Among these, the network acquired a further 25.5% interest in Heron Financial, bringing its total stake to 74.5% of the firm’s share capital, in March.
It also purchased 49% of The Mortgage Mum for £0.5m in June, which could rise to 51% stake, subject to a put and a call option over the next five to 10 years.
