NAB pushes into broker market

National Australia Bank Group is making a concerted push into the intermediary market through its Clydesdale Bank brand. It will primarily target higher net worth individuals in the south of England.

The organisation has so far entered partnerships with Legal & General, Mortgage Times, The Whitechurch Network, London & Country and Moneyquest.

It also has also struck up relationships with Charcol, Hamptons International Mortgages and Kingsway Mortgages, with more in the pipeline.

NAB general manager of third-party distribution Dean Cutbill says: “We chose the Clydesdale brand because it is trusted among intermediaries and the fact it has its own bank notes is a plus point.”

Cutbill says its strategy is to target selectively a limited number of intermediaries with fixed rate mortgages rather than the whole of the market because this will enable it to maintain a high level of service.

Unlike some other lenders it says its Key Facts Illustrations available through Trigold and Mortgage Brain are within the tolerance levels prescribed by the Financial Services Authority, although it cannot guarantee them.

NAB currently has around 10 relationship managers dealing with intermediaries recruited from organisations such as The Woolwich, Intelligent Finance and Royal Bank of Scotland and plans to have around a total of 25 relationships over the next year.

Cutbill says: “We have only gone for top quality people and feel we have taken on some of the best in the industry. We have been absolutely ruthless about who we recruit.”