Meridian Mortgages, which is 40% owned by Mortgage Advice Bureau (MAB), has acquired specialist shared ownership broker firm Metro Finance.
The strategic acquisition sees Meridian take 100% of the shares in Metro Finance, which will remain an independent company, with all its 42 staff still employed by Metro Finance in Sheffield.
The new set up will see the birth of brand new ‘Meridian Holding Group Ltd’ incorporating Metro Finance and Meridian Mortgages sitting independently alongside each other, yet within the new group.
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The group will increase its focus on servicing housing developers and housing association right across the UK offering their customers advice on the right homebuying solution for them regardless of the tenure.
They will also be working with housing association to service their existing customers needs, helping their staircasing campaigns and even taking customers from renting to homebuying.
Meridian Mortgages, which is an appointed representative of MAB, is a new build specialist broker firm with a team of 80, working with all the major UK housebuilders.
The company is based in Leicester and has a nationwide base of 48 mortgage advisers.
Jon Lord, managing director of Metro Finance, said: “All of us at Metro are super excited to become part of the Meridian group of companies.
“Our work in the shared ownership sector has always been service focused, the partnership with Meridian allows us to take our new group proposition to the next level.
“We will offer multifaceted expertise to housing associations and developers offering multi tenure site with a service driven proposition which will perfectly match the marketplace.”
Allan Warren (pictured), group managing director of Meridian Mortgages, said: “We are very excited to bring Metro into our stable, they are the leading broker in affordable housing with incredible knowledge of the sector and enviable service standards.
“Together we can offer a wider range for services to our house associations and national housebuilders, creating a seamless customer journey for all their potential buyers.
“We’d also like to thank MAB for not only making this deal possible but supporting us throughout the acquisition process.”