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Abbey to offer bundled mortgages

Speaking at the Abbey Key Accounts Conference in Sunningdale today, Ricky Okey, managing director of intermediary distribution for Abbey and A&L, says it plans to offer current accounts and other products alongside mortgages.

Okey says it is considering launching the proposition on a wider scale after a successful pilot.

He says: “Bank accounts are a very important product for us. Santander is a traditional bank and to be a traditional bank you need deposits.”

Abbey has already piloted the scheme through London & Country and Positive Solutions.

Okey says it plans to offer mortgages with savings, deposit accounts and possibly other products. This could mean borrowers getting a better deal on a mortgage if they sign up to another product.

He says: “For the last three months we have been looking at how we can industrialise the process. By the middle of this year we will test some future propositions.”

David Hollingworth, mortgage specialist at London & Country says when it tested the proposition last year it worked well.

He says: “The product was well received and people were given the choice to get a better rate on their mortgage if they also signed up for the current account. We welcome all innovative products from lenders, especially in the current market.”


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