MS TV: Abbey rules out ditching brokers
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Adrian Whittaker, key accounts director at Abbey for Intermediaries, has put paid to rumours that the lender will phase out its distribution through brokers in favour of going direct-only.
In an interview with Mortgage Strategy TV Whittaker tackles concerns that with a growing mortgage market share and a branch network boosted by parent company Santander’s acquisitions of Alliance & Leicester and Bradford & Bingley, Abbey for Intermediaries would be no more.
He also addresses broker criticism that requests for information from the lender are inconsistent, and talks about what Abbey is doing in practical terms to improve service levels.
Readers' comments (3)
John Tidswell | 5 May 2010 3:33 pm
I was going to say I have not heard so much waffle, I have been in the intermediary market for 15 years and during the whole of that time the Abbey have never got it right with processing and I don't see that ever improving. It gauls me that they receive 80% of their business from brokers yet they still see fit to operate duel pricing. That coupled with terrible service adds up to me only using them when there is no other lender available.
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Anonymous | 5 May 2010 3:40 pm
I expect, (and hope!), there will be a series of rather sarcastic but non-the-less funny comments regarding this story.
I for one would feel that if Abbey had come out of the intermediary mortgage market, managing my customer's expectations would be easier and more positive!
However, that said, the market would be a poorer place without Abbey as they consistently offer very competitive products despite the constantly changing carousel of criteria.
Overall, this is a reassuring article because, had Abbey really gone to town with the direct option, it would have potentially put a big dent in my business.
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Joe Adamson | 6 May 2010 6:40 pm
The fact that Abbey can dual price and still receive 80% of their business from brokers is a testament to the fact that they clearly do not dual price particularly strongly!
There is plenty that is wrong with Abbey, especially when you need to get hold of a decisionmaker to make amendments etc, but lets not get carried away. As brokers we are hardly overburdened with lenders supporting us so we should welcome the fact that Abbey and Santander have committed to the intermediary market and have consistently been offering market leading products to us.
Joe
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