View more on these topics

HBOS unveils plans for charm offensive

HBOS is planning a major charm offensive over the next 12 months that will see BM Solutions pay advisers for further advances, TMB attack the packaging market through new products and better proc fees and Bank of Scotland concentrate on the high net worth lending market.

These plans were revealed by Nigel Stockton, director of HBOS intermediary mortgages, to Mortgage Strategy last week.

Intermediary business now accounts for some 70% of all new business coming through the HBOS group and Stockton, still smarting after the departure of the Famous Five from HBOS earlier this month as well as The Mortgage Business’ Fab Four, was quick to outline his plans for the group’s future direction.

Plans for the next 12 months for BM Solutions, TMB and Bank of Scotland include higher LTV lending, better products and more focus on high net worth individuals, as well as BM Solutions paying proc fees on further advances.

Halifax will continue to be the group’s mainstream lender and Intelligent Finance will still drive its push into the offset market.

Stockton says he is looking closely at higher LTV lending such as Northern Rock’s 125% Together mortgage. If marketed, this could only be through the BM Solutions brand. This is the biggest hint yet that BM Solutions will launch a product giving borrowers access to extra cash, a move some consumer pundits will deem outrageous as it could be beyond borrowers’ financial means.

And in a telling remark, Stockton says: “I’ve a lot of time for Northern Rock. I like what it’s doing in terms of product pricing and ERCs.”

Stockton says BM Solutions is also looking at verifying products on sourcing systems. It already verifies products on Mortgage Brain and whether this will extend to taking responsibility for the accuracy of product data submitted remains to be seen.

Stockton says: “We will always examine ways to make brokers’ lives easier. Sourcing system verification is one of many areas we’re looking at.”

Packagers account for 5% of BM Solutions’ introduced business and while Stockton says there are no plans to cut this, neither does he rule out increasing it.

TMB has been refocussed under new management and Stockton predicts that with the likes of the popular Peter Charge as sales director it won’t be long until TMB and HBOS reaffirm themselves as the packagers’ friends.

Charge says: “Over the coming months TMB will be looking to enhance its distribution strategy and relationships.

“We have strong relationships with many packagers and want to boost this by the end of the year. Providing service and support to packagers is key to TMB’s vision. We’re seen by packagers as the sleeping giant of the industry.”


Yorkshire announces appointment of non-executive director

Yorkshire has announced the appointment of Simon Turner as nonexecutive director.Turner is currently group managing director of the computing & communications divisions of Dixons Group, and is a member of the Group Executive Committee. He is currently responsible for a total staff of 14,000 in five countries and a turnover of around 2bn, which includes […]

Easier to use form for consumer credit licences

The Office of Fair Trading has launched an easier to use form for businesses applying for, renewing, varying or notifying changes to their consumer credit licences.The forms are clearer and easier for businesses to complete and will provide the OFT with better personal information for verifying an applicant’s identity and address. The OFT has also […]

Landlords united

The National Landlords Association and the Dorset Residential Landlords Association have come together in a step towards providing a more coherent and unified voice for the private rented sector.

B&W to consolidate its processing

Bristol & West is to consolidate its mortgage processing into two centres in Bristol and Solihull. The move will involve the closure of the lender’s distributed mortgage processing units during 2006. B&W says the announcement is being made well in advance of the change in order to ensure a smooth transition for brokers. The move […]


News and expert analysis straight to your inbox

Sign up