Property group Belvoir moves in to The Nottingham’s mortgage business

Property group Belvoir has bought the mortgage services business from The Nottingham and agreed a 10-year deal to provide mortgage advice to the building society’s customers.

Last July The Nottingham revealed plans to close its estate agency and lettings operations as part of significant cost-saving measures. Belvoir was appointed to deliver estate agency and lettings services to its members through The Nottingham’s branch network.

Today Belvoir has agreed a £600,000 deal to take over Nottingham Mortgage Services, a subsidiary of The Nottingham, with the 27-strong team transferring over.

The building society has also put in place a 10-year agreement with Mortgage Advice Bureau to provide mortgage and protection advice through Belvoir.

Dorian Gonsalves, chief executive of the Belvoir Group, said it is a” significant step” for the business.

He said: “Our strategic alliance is embedding really well across the network for estate agency and together we can help people not only find their new home but also fund it with the right mortgage for them.”

Currently 39 of the 48 Nottingham Building Society branches are dual-branded with a Belvoir Group franchise.

David Marlow, chief executive of The Nottingham, added: “The evolution of our mortgage proposition and our ambition to provide this digitally, as well as face to face is further progression in our reinvention journey and reflects our ongoing aim of serving our members with products and services that are relevant to them as individuals and deliver value to them in the most effective and efficient way possible.”