First National joins Next Generation

Commenting on the move, Terry Markham, managing director of NGM, said: “We are delighted to have appointed FNMC to our panel of lenders. FNMC offers a great range of market-leading products. We are looking forward to a long and prosperous relationship with them.”

The appointment of FNMC is the latest addition to NGM’s panel of lenders, including igroup, SPML, Mortgages Plc, Platform, Swift Advances and The Mortgage Business.

As an aside, in February 2003, Abbey National announced that it had entered into a sale agreement with GE Consumer Finance, the consumer credit services business of the General Electric Company, under which GE Consumer Finance would acquire First National for £848 million.

The completion of the sale, which is subject to regulatory approval, is expected some time this month. The sale includes the purchase of FNMC, but does not include First National’s litigation funding and motor finance business.