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HSBC Enter Broker Market For The First Time

02nd October 2014

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As broken by Mortgage Strategy today HSBC “is to make a shock U-turn on its distribution strategy by entering the broker market for the first time.”

This will happen through Countrywide from 6th October initially but a wider pool of brokers is planned in the future.

Andrew Montlake, Director of Coreco commented, “This is a very important move by HSBC which will be well received and shows the increasing importance of the intermediary sector to lenders. I suspect there will be very few direct only lenders in the near future and this is ultimately good news for consumers”.

“We congratulate Countrywide on securing this and genuinely hope that the partnership works well and is extended to other partners in due course. We welcome HSBC to the Intermediary market with open arms”

Peter Dockar, head of mortgages at HSBC UK, told Mortgage Solutions earlier today that “The Mortgage Market Review has brought a clear separation of broker and lender roles. That has solidified our change in approach.”

Nigel Stockton, financial services director at Countrywide plc told Mortgage Solutions “It is rare to be involved in an initiative that is likely to really change the landscape of the mortgage market both for lenders, brokers and customers, forever.”

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Andrew Montlake

About Monty

Andrew Montlake, Director and Spokesperson for Coreco, gives his honest and forthright views on the mortgage market, economy and all things property related. Monty was voted "Mortgage Personality of the year 2008", "Best Press Spokesperson" in 2011 and is the current holder of the British Mortgage Awards “Best Marketeer” title. Expect expert analysis, delivered in a down to earth style with a side helping of exuberance.