Countrywide claims 10% share of broker market

Grenville turner

Countrywide has revealed that it has a 5% share of the total transactional mortgage market and a 10% share of the intermediary market.

The figures are based on conversations with lenders and expressed as a percentage of the Bank of England’s total mortgage approvals.

The firm says that in 2005 its total market share was 1.99% and this has steadily grown over the past five years.

Speaking exclusively to Mortgage Strategy in this week’s issue, Grenville Turner, chief executive of Countrywide, says that while he can’t do anything about the overall total market, he can do something about the group’s market share.

He says: “We don’t describe ourselves as a tracker fund, but as an active fund manager – our job is to outperform the market.”

It was also announced last week that Nigel Stockton was leaving his position as sales director of mortgages at Lloyds Banking Group to work asfinancial services development director at Countrywide.

Immediately after the announcement there were widespread rumours that Stockton had left because Lloyds group was going to turn its back on intermediary distribution, either by ditching proc fees or reducing them.

But Stockton has dismissed the rumours as gar-bage, saying that the only reason he is leaving is because he was given an offer he couldn’t refuse.

He says: “Lloyds group has the biggest market share in the first half of this year and that was built by UK intermediary distribution.

“I’ve seen the group’s plans going forward for the next few years and they are reliant on it being a strong and excellent intermediary lender.”

He adds: “I can categorically say that Lloyds group’s intermediary strategy remains strong and robust and I look forward to benefiting from that strategy in my new role at Countrywide.”

Industry consultant Mehrdad Yousefi says that Stockton’s appointment is undoubtedly a coup for Countrywide.

He adds: “Stockton has been an immense figure in the intermediary sector and his contribution both at HBOS and Lloyds group has been critical to the success of the market.”