B&B to end Broking

Bradford & Bingley is to return to solely selling its own branded mortgage products through its network to consolidate its strong position in the buy-to-let, self-cert and lifetime markets as well as strengthen its presence in other chosen lending sectors.

The bank has also captured significant market share in both the lifetime and self-cert markets. It says it remains firmly committed to growing its business with brokers and intermediaries via its Mortgage Express brand, which recently hit the £20 billion mark for specialist lending.

From November Bradford & Bingley will no longer offer a mortgage broking service, although all pipeline business will be administered through to completion. Its mortgage advisers will be trained around compliance requirements of being a sole provider. Each of the 18 lenders on its current panel have been informed of the decision.

Commenting, Mark Stevens, Bradford & Bingley managing director of strategy, said: “We firmly believe that our core strengths lie in meeting our customers needs for specialist lending and savings products. We are delighted that later this year we will provide customers with a unique range of specialist lending products on the high street. The change to the branch mortgage proposition will not in any way affect Bradford & Bingley’s commitment to brokers and intermediaries via the Mortgage Express brand.

“All our chosen areas of specialist lending are growing markets with
demographic and social trends creating more customers who require these types of products. We believe we are the first high street lender to respond to such customer changes. The buy-to-let market is supported by both landlord and tenant demand. As self-employment becomes more common and job flexibility increases, more customers need to consider self-cert products today. For lifetime the issue of inadequate pension provision for many people suggests that this market has great growth potential.”

The branch network, currently comprising over 300 owned and third party-owned branch type agencies, remain integral to the Group’s strategy. As well as offering specialist lending advice Bradford & Bingley branches will continue to offer its own savings products, third-party general insurance, protection and personal loans products and its wealth proposition in partnership with Legal & General.