Mortgages  

Countrywide buys Mortgage Bureau

Countrywide buys Mortgage Bureau

Countrywide has acquired Mortgage Bureau, with directors Mark Clouston and Jamie Barnett set to continue in their current roles.

Mortgage Bureau has a team of 50 professional consultants who offer advice on mortgage and related insurance needs, primarily in the land and new homes sector.

The company has a strong presence with developers across the Midlands and North of England, with average revenue growth of 35 per cent in each of the last four years.

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It is an appointed representative of Mortgage Advice Bureau and generated £900m of mortgage lending last year.

Countrywide did not reveal how much it paid for Mortgage Bureau.

Mr Clouston said while the business has been growing strongly over the past few years, in order to take it to the next level, they needed the support of a larger organisation with wider geographical spread, extended resource and industry knowledge.

“Countrywide was the obvious choice as it shares our passion for exceptional client service and putting the customer at the centre of all it does.”

Peter Curran, managing director of Countrywide Financial Services, called it not only a great strategic and cultural fit, but also praised its established relationships with some of the biggest names in housebuilding and the wider property market.

“The impressive growth that the company has achieved over the past four years is a clear illustration of the quality of the business and the exceptional customer service that its people provide, and we very much look forward to welcoming them into our group.”

The Mortgage Advice Bureau’s annual results last month revealed it sold a 49 per cent stake in Capital Private Finance.

In 2011, MAB and Countrywide entered into a five-year joint venture with the firm, with the latter holding the remaining 51 per cent.

Countrywide recently exercised its call option with the price for MAB’s stake agreed at £2.7m.

peter.walker@ft.com