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Abbey speeds up mortgage approval

Abbey National&#39s new internet site sees intermediaries able to secure approval for mortgages in as little as 60 seconds.

The high street bank&#39s revamped internet site will allow intermediaries to speed up the previously lengthy application process.

The new system is costing the bank £5m to set up, and will provide 10,000 brokers access to Abbey&#39s range of products.

Abbey director of retail e-commerce Ambrose McGinn says “With 50 per cent of our mortgage business supplied by intermediaries, the new introducer internet services will respond to all improvements that our contacts have been crying out for, namely speed of service, flexibility regarding time availability and up to the minute tracking of customers&#39 cases.”


IFAs get a line on The Exchange

The Exchange is offering IFAs free ISDN installation and WAP mobile phonehandsets in a move it says will speed up its quotation service. The companysays the ISDN connections will give intermediaries faster access to productquotations, business services and financial strength research through itsExweb service.The offer is running alongside The Exchange&#39s WAP launch to consumerswhich will […]

Abbey set to recruit 100 staff in blitz on pensions

Abbey National is poised to blitz the stakeholder market as it recruits anationwide salesforce of 100 “stakeholder managers”.The company says it is acting in response to other lenders shunning thestakeholder market, believing it will be unprofitable.Abbey says it is planning to “punch the weight” of its brand in thepension market and has already started bringing […]

Borrowers warned they could fall into flexible loan trap

IFAs are warning investors with flexible mortgages that they could be indanger of never paying off their debt and losing their homes.Troy French & Partners partner Peter French says flexible mortgages can bea trap and those living an extravagant lifestyle could find themselves outof their home after 25 years.The warning comes as more lenders say […]

HSBC and Merrill Lynch launch online bank

HSBC and Merrill Lynch have announced plans to launch a joint online bank which will create 300 jobs in the UK and offer a wide range of products and financial services to customers globally.The £1bn venture will be up and running later this year, and will serve retail customers worldwide except the U.S.The new bank, […]

How QE is distorting the gilt market

By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]


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