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Clydesdale&#39s link with Charcol pays off

Charcol is piloting Clydesdale Bank&#39s re-entry into the intermediary market and is hailing the partnership as a success.

Two fixed-rate remortgage deals were offered in April at 4.49 per cent and 4.69 per cent and these have now been replaced with rates of 4.89 per cent and 4.99 per cent.

Charcol technical director Ray Boulger says the lender opted for a quiet launch rather than being faced with a demand it could not cope with.

Clydesdale spokesman Gareth Johnson says the products have had a good response and it would be looking at other opportunities based on its experience with Charcol. He says discussions are under way with other brokers.

Hamptons International broker Jonathan Cornell says it makes sense for Clydesdale to enter the intermediary market to broaden its delivery. He says that by using ex-Woolwich staff, the bank has a team of people who understand the broker market.

Cornell says: “It is difficult for smaller building societies or banks to enter the intermediary market so what they have done is very smart. It is good to see more lenders come in as it is good for competition and for customers.”

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