Mortgage Advice Bureau (MAB) has agreed to acquire 80% of independent mortgage broker First Mortgage Direct Limited.
First Mortgage has a strong presence in Scotland where the business was originally established over two decades ago.
The business comprises over 90 employed mortgage and protection advisers and has started expanding south of the border. Customers can access mortgage advice at its head office premises in Edinburgh, through one of its 14 mortgage shops, as well as remotely over the telephone.
Approximately half of First Mortgage’s revenues are derived from protection products.
Ben Thompson, managing director of MAB, said the acquisition enables it to pursue its aim to accelerate group growth through excelling in areas of specialisation and, in particular, building on its omni-channel choice for customers.
“This approach best positions MAB to benefit in an evolving intermediary sector,” he added.
The £16.5m acquisition, which values First Mortgage at £20.6m, is expected to complete on 1 July 2019.