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B&B returns to tied model

Bradford & Bingley is returning to a tied model as it rejects its mortgage panel of 18 lenders.

The bank will sell only its own brand products and will close down its mortgage broking service as it focuses on buy-to-let, self-cert and lifetime mortgages.

It says all pipeline business will be administered by B&B to completion and its advisers will undergo compliance training on sole provision.

B&B managing director of strategy Mark Stevens says the shift will not impact on the bank’s commitment to brokers and intermediaries through the Mortgage Express brand.

The 300-strong branch network – B&B owned and third party owned – will remain intact.

He says: “All our chosen areas of specialist lending are growing markets with demographic and social trends creating more customers who require these types of products.

“We believe we are the first high street lender to respond to such customer changes. The BTL market is supported by both landlord and tenant demand. As self-employment becomes more common and job flexibility increases, more customers need to consider self-cert products today. For lifetime the issue of inadequate pension provision for many people suggests that this market has great growth potential.

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