Fairstone has taken a majority stake in Allensons which specialises in mortgages and protection and has significant expertise in advising on mortgages for new builds.
As part of the deal Allensons will rebrand as Fairstone Mortgage Solutions with its 5,000 clients and 13 staff members.
Fairstone wrote £1.25bn of new mortgage business over the past year.
Allensons principal Paul Cleveland will retain a significant shareholding in the business, alongside Fairstone.
The purchase is the fifth of 2018 and brings recurring revenues of £700,000.
Fairstone is based in Newcastle upon Tyne with offices in London and Bristol and has revenues of £60m.
The group is made up of 36 firms covering financial management, private wealth, corporate solutions, mortgage and estate planning channels.
It has 410 advisers and staff in 38 branches and office locations, acting for over 41,000 clients.
Support compliance, regulation and marketing
Fairstone CEO Lee Hartley said he was looking forward to working with Paul and the team.
“Allensons is an incredibly well-regarded firm in its sector, with many of Britain’s leading housebuilders recommending the company year after year for their expertise in the new build market,” he said.
Allensons Mortgage Advisors company principal Paul Cleveland (pictured) added that the integration would enable it to offer greater choice and a wider range of services to clients, as well as helping with compliance, regulation and marketing.
“Fairstone is a rapidly growing business with dynamic management and a clear vision,” he said.
“The synergies between our companies will be beneficial for both our clients and our staff. The business is at the cutting edge of modern financial services and is the right partner to help us grow and develop our service.”