Northern Rock ramps up direct offering
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Northern Rock has launched a direct to consumer online mortgage service.
The nationalised bank has created a new website with guides, a search engine for its entire direct mortgage range and also an online application service.
The bank says it is “unique to the market” and will be customer-focused and will offer “helpful advice, no matter what stage of the mortgage process you’re at.”
But the bank has stressed that the tools available on the site are not necessarily sales tools and it says intermediaries are still core to its proposition. Currently between 85 per cent and 90 per cent of new Northern Rock mortgage business is through intermediary channels.
Northern Rock marketing director Anth Mooney says the bank’s research shows that 84 per cent of people looking for a mortgage in the next 12 months intend to use the internet for research. And 45 per cent of those people also said they intended to apply for their mortgage online.
He says: “We’ve created a platform where people can search for mortgages based on their individual circumstances, as well as weigh-up their options with tools such as the budget planner and overpayment calculator.”
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Readers' comments (12)
Anonymous | 16 Apr 2010 10:04 am
Any lender choosing to distribute direct will have to compete on price - as borrowers compare costs and want cheapest. Right now, Northern Rocks mortgage products pricing range and stricter underwriting criteria are way off the mark.
Good luck Northern Rock
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Anonymous | 16 Apr 2010 10:11 am
Yea, really helpful for brokers.
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Tim Robinson | 16 Apr 2010 10:17 am
so now the intermediary is getting hit by the Government as well!!!
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Steve Mcavoy | 16 Apr 2010 10:45 am
This has come from the bank that has always stated they support brokers 100% and I wonder what percentage it is now. Their underwriting is obstructive to even the simplest cases and it was not that long ago they were writing to existing loyal clients stating that they can't help them etc so what has changed?
Another kick in the teeth for brokers!!!
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Mock Spannings | 16 Apr 2010 11:06 am
there's a shock, northern rock trying to block adviser stock
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Allan Rowe MD Arrow1066 | 16 Apr 2010 11:20 am
My god, we have just massive meeting finding a way to help Northern Rock increase their Lending.
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william hames | 16 Apr 2010 1:24 pm
stop using them then the 75% of business they currently recieve from brokers dry up causing them even more problems.
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Anonymous | 16 Apr 2010 3:46 pm
I love Northern Rock! Burn Baby Burn. They have suffered the bad times and now coming back into contention.
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Anonymous | 16 Apr 2010 4:18 pm
Good On Northern Rock... Consumers have lost faith with Advisors... Money for old rope in my opinion when it comes to getting a mortgage and life cover... There is enough information available now to the consumer to allow them to make an informed choice as long as they are prepared to do the leg work..
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Peter H | 16 Apr 2010 7:15 pm
Whilst ever they have David Blunkett doing their valuations and each property being massively downvalued, they won`t be attracting and keeping any clients, either direct or through intermediaries like me.
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