Meridian, an appointed representative of Mortgage Advice Bureau, is a new-build specialist based in Leicester.
The firm will take 100 per cent ownership of shares in Metro Finance, with Metro continuing to operate as an independent company and retaining all 42 staff at its base in Sheffield.
The new entity Meridian Holding Group Ltd will incorporate Meridian Mortgages and Metro Finance.
Meridian has 48 advisers nationally working with all the UK’s main house-builders.
The new group will develop its focus on servicing housing developers and housing associations across the UK, offering customers advice on home buying solutions whatever the tenure.
It also aims to support associations’ existing customers, including with stair-casing and switching from renting to buying.
“Our work in shared ownership has always been service-focused, and the partnership with Meridian allows us to take our new group proposition to the next level,” said Jon Lord, managing director of Metro Finance.
“We will offer multi-faceted expertise to housing associations and developers offering multi-tenure sites, with a service-driven proposition, which will perfectly match the marketplace,” he said.
Allan Warren, group managing director at Meridian Mortgages (pictured), said: “Metro is a leading broker in affordable housing with incredible knowledge of the sector and enviable service standards.”
“Together we can offer a wide range of services to our housing associations and house-builders, creating a seamless customer journey for all its potential buyers.
“We’d like to thank Mortgage Advice Bureau, not only for making this deal possible, but for supporting us throughout the acquisition process,” Warren added.