HSBC has ended its mortgage partnership with John Charcol saying it intends to focus on direct mortgages for the immediate future.
The mortgage matcher trial began in March and was scheduled to end on December 18 .
Although HSBC says the trial has been popular with customers who used the service, it is not immediately going to continue with whole of mortgage market. But it says it is looking at future options for the development of a whole of market mortgage proposition and that what it has learnt through the partnership has been valuable for this purpose.
The mortgage matcher service will close to new business across the 20 branches taking part in the trial on the December 18 and all loan applications will be managed until drawdown in 2010.
First Action Finance head of communications Jonathan Cornell says: “I think it is a shame really. If it had been a success, it would have bene- fited the entire intermediary industry.”
The Mortgage Practitioner principal Danny Lovey was sceptical about the set-up from the outset. He says: “HSBC is no friend of the broker.”
John Charcol director of marketing Drew Wotherspoon says: “We have enjoyed working with HSBC and have taken many positives from the experience. Most notably, we have gained a thorough understanding of the make-up of customers who go straight to their bank for mortgages and this is something that we will use to develop our own business in the future.”