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First Active winning ‘very high market share’

First Active is surprising mortgage brokers with the amount of exposure and volumes it is taking in the market.

Mortgage Force managing director Rob Clifford says First Active appears to be more active in the market than its sister company at Royal Bank of Scotland, The One Account, by taking what he describes as “a very high and unnatural market share”.

First Active confirmed that it is outstripping The One Account on new business but it could not give exact figures.

Clifford says First Active’s success must be to some extent the result of other lenders’ failures. He suspects that First Active’s increased market share may have come from lenders’ problems since M-Day.

Abbey withdrew its flexible product range in the lead-up to mortgage regulation, reinstating them at the end of November.

Northern Rock has been struck by service problems since M-Day, with brokers complaining of problems with the lender’s online systems.

Clifford says: “I have no reason to bang their drum but there is extraordinarily good intermediary management at First Active. There is a consistent service and they pay sensible procuration fees.”

First Active head of national partnerships Louis Kaszczak says: “Part of our success is about the time that we launched. We were fortunate because First Active was set up with MCOB in mind. We promote ourselves fairly heavily and our proposition is clear to understand.”

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