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B&B to become an independent mortgage broker

Bradford & Bingley is turn-ing itself into a mortgage broker and its 600

high-street branches into independent advice centres.

The plans come as part of B&B conversion document, issued this week,

openingthe campaign to demutualise the society.

A B&B statement says: “The society will continue its strategy of providing

choice and independent financial advice”. It says mortgage broking will be

rolled out across the network from September.

Customers who go to B&B branches for mortgage advice will have access to

B&B products plus the full range off John Charcol&#39s panel of lenders, which

includes Halifax and Nationwide.

The network will be re-branded the market@bradford and bingley with a

distinct area set out in the branches for John Charcol brokers.

B&B is hoping the plans will significantly boost its existing 3.5 per cent

share of the mortgage market.

The society claims theJohn Charcol presence in B&B branches will not

compro-mise Charcol&#39s independence.

Details of how the B&B and John Charcol link-up will be implemented have

been overshadowed in the national news by speculation that windfalls could

be much less than previously expected.

The payout of 250 shares is thought to be worth just £550 – down from

the previously touted figures which topped £800.

But B&B spokesman James Evans says: “If you look at the Goldman Sachs&#39

valuation. it was between £1.75bn and £2.2bn. No one knows what

the valuation will bein December.”

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