Norwich Union agrees to sell mortgage club

The UK's largest insurer, Norwich Union, has agreed to sell the Norwich Union Mortgage Club (NUMC) to Bankhall, one of the UK's leading suppliers of intermediary services.

The sale is expected to be complete by the end of the first week in May 2004.

NUMC is currently the fourth biggest mortgage broker club in the UK, representing 35 lenders and distributing mortgages through more than 7,000 intermediaries.

In 2003, NUMC brokered almost £8bn (€12.01bn) of mortgage applications.