Standard Life Bank intermediary mortgages scrapped
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Standard Life Bank will no longer be accepting mortgage applications from mortgage brokers, following its sale to Barclays.
Barclays agreed a deal to buy Standard Life Bank from parent Standard Life for £226m in October.
In an email to mortgage brokers it says: “Whilst there will be no further sales of SLB Mortgage products to intermediaries or directly, new and further borrowing requests will continue to be accepted from existing SLB customers.
“Existing customers will be able to continue servicing their mortgage in the same way, either over the phone or online.
“There are also no changes to the availability of certain features for existing customers, such as cash reserve, borrow back, payment holidays and offsetting.”
Barclays formally completed its acquisition of Standard Life Bank today.
Barclays had a total mortgage book of approximately 824,000 accounts worth £84.4bn as at June 30 2009.
The average LTV of its mortgage book was 44% and the average LTV of new mortgage lending was 46%.
Net new mortgage lending stood at £2.2bn for the six months to June 30, and three-month arrears accounted for 1.16% of Barclays’ book.
Meanwhile at the same time Standard Life Bank had approximately 78,000 mortgage accounts and a total mortgage book of £8.8bn.
The average indexed LTV was 48% and three-month arrears represented 0.68% of Standard Life Bank’s book.
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Readers' comments (4)
Anonymous | 4 Jan 2010 11:15 am
no great loss, they were never at the races in terms of service or rates
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Victor Jannels - AToM | 4 Jan 2010 2:11 pm
Shame in a way as, although we did not write a great deal with them, we found them helpful and willing to assist whenever we made contact.
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Phil Anderson | 4 Jan 2010 6:32 pm
One of the few lenders that will discus a clients mortgage once it's been set up. It's a pity more lenders don't follow their lead on this.
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Anonymous | 6 Jan 2010 2:08 pm
You say no great loss but surely it is as we now have one less lender to deal with and therefore less choice to offer our clients. I always found Standard Life to have great service and underwriters that had a can do attitude.
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