Cumbria Mortgage Centre Limited – the subsidiary company of Penrith Building Society – will operate as an appointed representative of Mortgage Advice Bureau Limited to support the building society’s growth plans.
Penrith Building Society will have access to Mortgage Advice Bureau’s training academy and systems, while continuing to offer its own set of mortgage products.
Peter Brodnicki (pictured), CEO of Mortgage Advice Bureau, said: “We are delighted to welcome Penrith Building Society into the Mortgage Advice Bureau network. This joint initiative is the first of its type for both firms.
“[It] will bring together two very forward-thinking and ambitious businesses. The culture fit is excellent, and this strong strategic partnership will enable Penrith Building Society to continue scaling up its operation.”
Tim Bowen, CEO of Penrith Building Society, said: “We are proud to be the first building society to enter into this type of pioneering partnership with Mortgage Advice Bureau. Part of our longer-term strategy includes the identification of market leading businesses with whom we can form strategic partnerships.
“The possibilities that have led us to entering into this initiative were far too compelling to ignore.”