The Household Mortgage Corporation (HMC) is to be rebranded in a move to consolidate the non-conforming lender with its parent company, First National.
In doing so it will run down its High Wycombe offices and relocate alongside the First National operation in Harrow.
The name change will be announced in October and the move is expected to be completed by March 2001.
First National has had responsibility for the specialist lender since 1996 and up until now it has operated independently of its parent.
Philip George, group managing director at First National said it now wanted to “bring HMC into the fold”. However he rejected claims that the move was triggered by the lender’s performance, despite rumours that sales have been low.
He said: “It is no secret that when we took responsibility of HMC it was not lending and was just managing its existing mortgage book. But as soon as it came under First National’s control it began to seek new business. This has been very successful.”
However, he added that under the First National umbrella. HMC will be able to take advantage of its parent’s operational efficiencies and as a result sales are likely to receive a boost.
Following the integration of HMC into First National, George said it would be looking to widen the HMC product range and develop its e-commerce strategy.