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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