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B&B halves mortgage panel to 25 lenders

Bradford & Bingley is setting up a new mortgage broking proposition with a panel of 25 lenders, half the number of lenders previously offered to its advisers.

B&B says it chose its list of 25 lenders after face-to-face interviews with consumers and research among IFAs.

The firm says most of those interviewed say a lender panel of between 15 and 20 is sufficient. Ninety per cent of consumers say they would be happy to pay a flat-rate fee for advice. The proposition inc-ludes a flat-rate client fee of £190 and access to exclusive mortgage deals.

There is also a booking fee of £49 for all exclusive and shared exclusive products, which is refundable if the application does not proceed.The panel will be reviewed every six months.

The mortgage proposition formed part of the B&B res-tructure last May which included the sale of B&B’s subsidiary IFA operations, most recently Charcol.

B&B has 200 advisers and hopes to have 250 by the end of the year. It is launching a marketing campaign and recruitment drive.

The group has 208 bran-ches across the UK and hopes to have a 5 per cent share of the market within three years despite the drop in its expo-sure since the sale of Charcol.

Head of mortgages David Bitner says: “B&B has very deep pockets. We are not a small broker relying on five deals a week and we can see through any downturn in the market. Our drive for market share is very aggressive.”

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