HSBC set to offer mortgages through brokers
HSBC has announced that it will start offering mortgages through brokers from 6 October.
Initially distribution will be limited to one company, although they are expected to add more brokers to their lending panel in the near future.
The bank insisted for years that it did not need brokers and it was happy with the amount of mortgages it provided. However, the new regulatory landscape has changed the mortgage market.
Earlier this week Skipton Building Society announced that over 95% of their mortgages are being introduced through brokers and HSBC plans to take a stronger share of this market.
Jonathan Byrne, head of assets and retail banking at HSBC, told Mortgage Strategy magazine: "There are two reasons why we are making this change. Firstly, post-MMR the regulatory landscape has clearly, in our opinion, very closely defined the role of both the lender and the intermediary and set out the accountability of each party.
"Secondly, and probably more importantly in lots of ways, we are clearly seeing a growing percentage of the mortgage finance market in the UK are sourcing their finance through an intermediary."
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