Mortgage Advice Bureau and Penrith Building Society have partnered up, a first of its kind in the mortgage market.
Cumbria Mortgage Centre Limited, a subsidiary of Penrith Building Society, will now operate as an appointed representative of Mortgage Advice Bureau to support the building society’s growth plans.
The move will allow Penrith Building Society to build greater economies of scale, providing access to Mortgage Advice Bureau’s training academy and systems, while continuing to offer its own set of mortgage products.
Peter Brodnicki (pictured), chief executive of Mortgage Advice Bureau, said: “We are delighted to welcome Penrith Building Society into the Mortgage Advice Bureau network.
“This joint initiative is the first of its type for both firms which will bring together two very forward-thinking and ambitious businesses.
“The culture fit is excellent, and this strong strategic partnership will enable Penrith Building Society to continue scaling up its operation.”
Tim Bowen, chief executive of Penrith Building Society, said: “We are proud to be the first building society to enter into this type of pioneering partnership with Mortgage Advice Bureau.
“Part of our longer-term strategy includes the identification of market leading businesses with whom we can form strategic partnerships.
“The possibilities that have led us to entering into this initiative were far too compelling to ignore.
“The cultural fit is superb and by benefitting from the industry leading skills, knowledge and resources of MAB, we can focus on further enhancing our proposition for our members, both existing and new.”
Mortgage Advice Bureau is a mortgage network with over 1,200 advisers and access to over 12,000 mortgages.