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Abbey plans to double lending in 2013

Abbey for Intermediaries is planning to double its mortgage lending to £80m a day in 2013, Money Marketing’s sister title Mortgage Strategy understands.

A number of brokers say they have been visited by Abbey BDMs who have outlined the plans to increase lending from £40m a day.

Abbey refuses to comment on the move.

Brokers say Abbey would have to soften its criteria in order to double its lending.

Chadney Bulgin mortgage partner Jonathan Clark says: “If Abbey really is serious about doubling its lending, we know that rate tweaking alone will not achieve this so it will have to relax its criteria to gain a competitive edge.”

Abbey says it currently has no plans to change its criteria.

The spokeswoman says: “We constantly review our lending criteria but are not making any changes at this time.”

Trinity Financial Services product and communications manager Aaron Strutt says: “Lenders are a little bit scared to loosen their criteria at the moment because they are concerned about the response from the regulator. It will be some time before they do that.”

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