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Countrywide offers mortgage reward scheme

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Countrywide has launched the industry’s first rewards scheme for new mortgage customers.

Countrywide Rewards is designed specifically for all new Countrywide mortgage customers and existing customers wishing to remortgage or renew their insurance policies.

Customers will automatically accrue points which can be redeemed for rewards or saved so they can grow in value at renewal.

Rewards include discount vouchers from retailers, cinema tickets and spa days, while the top rewards on offer include city breaks, free flights and exotic holidays to a choice of 30 worldwide destinations.

The rewards are provided through a number of companies including Champneys, Virgin Wines, Thomas Cook and other top high street brands.

For example, any new mortgage customer that takes building and contents insurance cover with a mortgage payment protection plan will receive 1,800 reward points, which would entitle them to a choice of rewards, including up to 50% off selected holidays, high street discount vouchers, 2 for 1 unlimited usage cinema cards and theatre tickets.

For a new mortgage they will receive 1000 points, 200 for contents and building insurance and 400 points for Mortgage Payment Protection.

Grenville Turner,  group chief executive at Countrywide, says: “Over 85% of people in the UK are involved with at least one type of reward scheme and its common place to collect points when grocery shopping, booking flights and purchasing petrol but Countrywide Rewards is the first of its kind in the property industry.  This is an exciting and innovative concept for our customers, the property industry, our retail partners and for Countrywide itself.”

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Readers' comments (24)

  • Why a loyalty scheme? If you provide good honest advice people will always come back for more.

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  • Surprised this has got through the FSA.. surely an incentive scheme could be viewed as taking products or cover that may not be needed or best suited.. Saying that the level of discounts would have to be huge to sway the average client towards a particular brokerage..

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  • It is not the first point reward scheme a company has offered, Essential mortgages done it before they were shut down in 2005. Like most things there is no free lunch, you paid for in the long run, let’s hope people will see through it.

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  • Many (a high percentage of consumers) will DEFINITELY go for this over a usual broker - and why not? the UK consumer is OBSESSED with loyalty points!

    I think it will work very well, a threat for other brokers indeed.

    Watch out for this to be featured on Moneysavingexpert.com.

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  • Not a big surprise a pushy company like Countrywide have to offer people a bribe to come back to them. My local Countrywide agents get very little repeat business, who would go back to be re sold their expensive insurance and limited panel of lenders!

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  • A rewards scheme for Champneys vouchers?

    What has that got to do with the product? Why to just make sure you have the best product, best rate and best service instead of investing in marketing ploys?

    And aren't schemes like this aimed at customers who transact little and often Boots, Tesco etc, to keep customers loyal and returning? ... Not for people who make one transaction every few years. Rant over.

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  • I disagree with many of the comments above. Countrywide have delivered me a fantastic professional service time and again. I would not hesitate to use them instead of a lot of the other high st cowboys out there. Some of the information above is factually inaccurate and they do not always use the immediate panel if best advise is elsewhere!

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  • I used to work for them 6 months ago and I heard they were rolling this out. Knowing Countrywide, it would take 3 mortgages and a premium of £500 per month of life cover for the customer to get a £50 off holiday voucher to Disney Land!

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  • You have to offer incentives if you fail to provide decent levels of service. Cant see that this will pull in much new business.

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  • Why should the FSA be bothered about this?
    Obviously Countrywide are considering their obligations towards TCF! They are just making certain that their customers are being treated fairly...Stack 'em high, sell 'em cheap!

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