HSBC Enter Broker Market For The First Time
02.10.14As broken by Mortgage Strategy today HSBC “is to make a shock U-turn on its distribution strategy by entering the broker market for the first time.”
This will happen through Countrywide from 6th October initially but a wider pool of brokers is planned in the future.
Andrew Montlake, Director of Coreco commented, “This is a very important move by HSBC which will be well received and shows the increasing importance of the intermediary sector to lenders. I suspect there will be very few direct only lenders in the near future and this is ultimately good news for consumers”.
“We congratulate Countrywide on securing this and genuinely hope that the partnership works well and is extended to other partners in due course. We welcome HSBC to the Intermediary market with open arms”
Peter Dockar, head of mortgages at HSBC UK, told Mortgage Solutions earlier today that “The Mortgage Market Review has brought a clear separation of broker and lender roles. That has solidified our change in approach.”
Nigel Stockton, financial services director at Countrywide plc told Mortgage Solutions “It is rare to be involved in an initiative that is likely to really change the landscape of the mortgage market both for lenders, brokers and customers, forever.”
Written by Andrew Montlake
Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.
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