Partnership 

Penrith Building Society launches brokerage

Penrith Building Society launches brokerage

Penrith Building Society has launched a brokerage named the Cumbria Mortgage Centre.

Cumbria Mortgage Centre will operate as an appointed representative of the Mortgage Advice Bureau so will be able to run regulated activities and act as an agent for the network.

The move will also allow Penrith to gain access to the Mortgage Advice Bureau’s training academy, while continuing to offer its own set of mortgage products.

The Mortgage Advice Bureau has more than 1,200 advisers and access to 12,000 mortgages. Just last month, the network announced its adviser numbers were up 13 percent throughout 2018 and by March had grown by a further 21 to 1,234 advisers.

Peter Brodnicki, chief executive of the 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 the lender was proud to be the first to enter this type of partnership with the Mortgage Advice Bureau.

He added: "The possibilities that have led us to entering into this initiative were far too compelling to ignore.

"By benefitting from the industry leading skills, knowledge and resources of the bureau, we can focus on further enhancing our proposition for our members, both existing and new."

imogen.tew@ft.com