The strategic alliance has created an adviser base of 15,000, roughly three times larger than its closest rivals Legal & General (L&G) or Zurich and allows PMS to start dealing with non-regulated firms for the first time, of which there are another 4,000 in the market.
The deal is thought to have cost Bankhall between £4–6 million and is one of the most significant consolidation moves the market has seen to date. Premier supported mortgage completions worth over £27 billion last year, which is roughly 10 per cent of the lending market.
Mortgage network, Premier, will be integrated into mortgage support service provider, Point One, on 31 March 2004 when the lending panels and services merge. There will be no staff changes.
PMS national mortgage manager, John Malone, has signed a three-year contract with an option on another two, reporting to Bankhall’s group sales director, Shaun Godfrey.
Malone said: “The dynamics of the mortgage market are set to change significantly with the advent of an FSA regulatory framework. The clear winners will be those who adapt to and embrace the change.”
