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Abbey for Intermediaries moves to one intermediary brand

Abbey for Intermediaries has announced that all its intermediary mortgages will be branded Abbey from October 15.

Alan Mathewson, managing director of intermediary distribution and Santander Private Banking (UK), says: “Consolidating our intermediary mortgage business through the Abbey brand will enable us to align our product offering and increase efficiency. Our number one priority at this time is improving our service levels and focusing all our resources on one brand will help us achieve this quickly.

“Abbey for Intermediaries is a strong brand whose commitment and support to the intermediary market has never wavered over the difficult years. We believe the integration of our intermediary offering will help us provide the service and product offering to enable us to become the intermediary lender of choice.”

New Alliance & Leicester mortgage applications can continue to be submitted until October 15, although to assist the transition to one brand, it says it will be making some changes over the next few weeks.

The first of which is that it will no longer be accepting applications from new Alliance & Leicester mortgage customers over 75% LTV from close of business today.

Abbey for Intermediaries is offering an additional 0.02% for all new Abbey business placed between August 5 2010 and October 31 2010.

Abbey for Intermediaries is also launching a two-year fix through its key account partners tomorrow, offering a rate of 3.90% with no fee and available up to 75% LTV to homebuyers.

The product, which has a maximum advance of £550,000, comes with a free basic valuation and £250 cashback on completion for homebuyers. It estimates that over 90% of the intermediary market will be able to access it.

It says it will also be announcing other enhancements to its product range over the coming months.

 

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  • anon 6th August 2010 at 2:44 pm

    Abbey – hard times the last year, getting much better i must say as long as the underwriters dont keep asking for more and more info that in reality is not needed – im in the west mids and the bdm was the only reason i persisted with them to be fair.

  • Roger Woodall 6th August 2010 at 12:15 pm

    Crazy action. They have closed down the wrong company ! Rather than taking on new BDMs they should train their existing BDMs(if they can make contact with them !)West Midlands

  • Rob 6th August 2010 at 11:16 am

    I am not supprised by this move, nore do i fear it, I think Abbey have got some issues with underwriters being to over zelus but find the telephone BDMs very very helpful and cant say a bad word about them…. This will make for some intresting times!

  • dickson 6th August 2010 at 12:23 am

    Another lender story hey?
    whats the pick of the crop here then…
    What is it about these lenders; all that they have in the back of their mind is your behind! How to bump you.

    Pathetic, but I dont suppose it’s a financial crime for big boys (with small w……….s).

    Enjoy the ride!

  • steve jones 5th August 2010 at 7:06 pm

    Can’t believe some of the comments i have just wasted time reading. The Abbey were the only lender we could place business with over the last year if you wanted your client to have a decent rate…….THEY SUPPORTED US THROUGH THE MESS THE COUNTRY ARE IN – OF COURSE THEY HAD SERVICE ISSUES – They did 35% or so of the lending in the real tough times!!!Mic2002 is obviously a shining example of ignorance as everybody who knows even the remotest about the industry knows that the newly branded Santander branch network only sell Abbey products and the intermediary channel was the only place a client could get an A & L product anyway – another sales opportunity you have obviously missed!!!

    Thankyou Alliance and Leicester you were a very good lender to deal with and it is a shame that you will no longer be an option. Thankyou Abbey for supporting the industry when other ‘major’ banks went running for the hills. One of the best things that you have done is distinguish ‘good’ business from the ‘bad’ Meaning brokers who do 1 case a month and moan because they cannot package it correctly as they live in 2005 are no longer holding up our cases and give us the support we deserve.

  • Calvin Oram 5th August 2010 at 4:09 pm

    Disagree profoundly with the anti-Abbey comments. They were the only lender willing to lend at decent rates during the depths of the crunch. They had good products with cash back and free surveys, something to go at against HSBC. I will always respect them for that as they supported us as a brokerage through terrible times.

  • Peter Broker 5th August 2010 at 2:34 pm

    Again nothing but “Have a go at Abbey” comments – did you see or miss the fact they are going to pay us more /higher proc fees ! did you see the new best in the market fixed product,not available direct. For my part yes they have had problems who hasn’t consider a lender doing minimal business and how good their service is compared to Abbey propping up my business and dropping the ball. Last four cases went really well notwithstanding the mistakes I made on one case! But I didn’t blame the lender – Balanced views are the only relevant ones.

  • Trevor Johnston 5th August 2010 at 2:03 pm

    Thoughts go out to the staff at A & L. Spoke to one this morning and they are heartbrokern. It would appear they are losing their jobs (OK maybe some being offered trasfer to Abbey processing 200 or so miles away). They only found out 2 days ago and have been told not to say anything. Imagine having to take the cr@p from brokers knowing your job is gone and not being able to say p155 off. Yes we may all have had run ins over the last few years but best of luck to them all!

  • Paul 5th August 2010 at 1:09 pm

    Helps to have former colleagues to hand though charlie eh? Ringing is hit and miss as you will know depending on who answers the phone.

  • Dan McGeehan 5th August 2010 at 1:08 pm

    Dissapointed that A&L is closing its doors as they had some excellent products over the last 12 months along with good criteria. Over the last 18 months Abbey have dramatically improved their service and they are very swift with anything we do.

  • fs 5th August 2010 at 12:54 pm

    where have you all been for the past several months???? Since abbey have given tbdms the service cant be faulted. post is being matched within hours and the cases are looked at within 24 hours! Shame the same can’t be said for A&L and the others out there. A&L take over a week to match post and good luck getting it to the underwriter! I have seen a change in Abbey and Im liking it! Its about time when we talk about service we focus on the here and now and stop licking old wounds.

  • charlie ballingall 5th August 2010 at 12:10 pm

    Abbey has changed over the last few months and for the better, they are now 24 hours on faxes and underwriting. I submitted a case on Monday and was agreed on Wednesday. Call when you have a problem and they will do their best to help. Every lender has had problems in the past give them a chance

  • charlie ballingall 5th August 2010 at 12:10 pm

    Abbey has changed over the last few months and for the better, they are now 24 hours on faxes and underwriting. I submitted a case on Monday and was agreed on Wednesday. Call when you have a problem and they will do their best to help. Every lender has had problems in the past give them a chance

  • Julian Smith 5th August 2010 at 11:32 am

    1. Take a processing system that clearly doesn’t work
    2. Move it to a new building without changing it
    3. Tell everyone how commited you are to improving it, without actually improving it
    4. Close down half your administrative lending capacity
    5.Expect the system to be able to cope with twice as many applications

    ….and the Darwin award goes to…..drum roll please…….

    Accountants:
    “well if we only have half the number of people dealing with the applications, but the same number of applications, our costs reduce and profits increase considerably Mr Chairman”

    Mr Chairman:
    won’t service levels be affected?

    Marketing Dept:
    yes, but we’ll just tell everyone how hard we’re working to improve things and how committed we are to ground breaking customer service without actually ever delivering it. Afterall they’ve got nowhere else to go and our hold music is second to none in the industry.

    Accountants:
    and that’s another bonus Mr Chairman, twice as many brokers holding on an 0844 number for hours on end makes us a fortune.

    Mr Chairman:
    Book it Danno!

  • 5th August 2010 at 11:15 am

    I have not had any issues with Abbeys service levels, submitted 3 cases in the last 3 weeks and with the exception of one (which admittedly was a bit more complex) they all went to offer within 10 days. The lending criteria will be interesting…

  • mic2002 5th August 2010 at 11:15 am

    ammm maybe I’ve missed something but doesn’t this just mean they’ve closed off A&L to brokers? I assume this brand will continue to exist for direct customers…?? If so this is a worrying development.

  • Mark Stroud 5th August 2010 at 10:59 am

    Just having the two brands means they can dual price easier

  • Mr Grumpy 5th August 2010 at 10:48 am

    The inevitable is happening, I really hope some of the useless BDM’s at Abbey go as well.

    I dont know why brokers use A&L anyhow, their rates and fees were much higher than similar LTV Abbey deals.

    I hope Santander launch some good BTL deals soon…the market and my clients are screaming out for a good 75% LTV deal without high fees…

  • Pidge 5th August 2010 at 10:36 am

    Can see why they are doing this but totally agree with the comments about the Abbey they are a nightmare to deal with

  • James 5th August 2010 at 10:33 am

    I can’t remember the last time an appplication with Abbey was processed smoothly, the service levels are shocking. A&L have had problems recently, but were always above Abbey in terms of ease of processing. Soon we will have only 2-3 main lenders, controlling the market completely…and choosing who THEY want to deal with.

  • Tom Cleary 5th August 2010 at 10:31 am

    Alliance & Leicester have more flexible criteria than Abbey, income multiples for an example. Are they going to integrate these or will they simply resort to Abbey’s current inflexible lending? Service levels must also improve…

  • Nick 5th August 2010 at 10:22 am

    Entirely expected, but I despair. Abbey used to be one of my favourite lenders to deal with, but over the last year or so I dread having to place business with them. Appalling service levels topped with a superior attitude & systems and procedures seemingly designed to be as obstructive as possible are hardly going to be improved with this development.

  • damian crowther 5th August 2010 at 10:21 am

    I have found A&L to be significantly better than shabbey for the last 12 months or do, however they have had issues in the past…. moving processing centres from wigan to leicester to belfast and back again etc.

    It will be interesting to see if service levels improve. Don’t hold your breath

  • Trevor Johnston 5th August 2010 at 9:58 am

    Why are they closing a perfectly good system and service and replacing it with, well Abbey service!!