With the deal set to be completed in August 2007, Nationwide has confirmed that UCB Home Loans, and The Mortgage Works (TMW) would both be retained as part of Nationwide’s specialist lending strategy.
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As part of the move, UCB will be relocated to Bournemouth, where TMW is based.
Nationwide confirmed the lenders would retain their separate identities as part of its move to improve its specialist lending facilities, but admitted a number of redundancies would have to take place following the merger.
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The lender confirmed that Matthew Wyles, group development director at Portman, would become executive director at Nationwide with responsibility for non-retail business, while Paul Howard, currently director of intermediary sales at Portman, would become head of sales for specialist lending.
Wyles said: “Specialist lending is a key component of Nationwide’s new strategy. These changes will provide us with economies of scale which will, in turn, lead to greater efficiency and allow us to be even more competitive.”
He added: “UCB Home Loans and TMW both enjoy strong intermediary relationships within their chosen spheres. We value the diversity that these two different lenders bring.”
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Ray Boulger, senior technical manager at John Charcol, commented: “There’s no doubt retaining the brands makes good sense as they have different criteria and policies. Nationwide will get more value than if it had collapsed the brands into one.”
