Lloyds Banking Group sales director of mortgages Mike Jones has dismissed his predecessor’s claim that the bank’s share of lending through intermediaries will fall to 50 per cent.
In September, former sales director of mortgages Nigel Stockton told Money Marketing that the intermediary share of Lloyds’ lending was likely to fall from a level estimated to be 70 per cent to 50 per cent.
But Jones says the share of lending the bank writes through intermediaries is 60 per cent and he expects that will fall by no more than a few percentage points. He says: “I do not see the bank’s share of lending going to 50-50. I expect it to be a little less than 60 per cent but we have no ambition to get to any particular number.”
He says there are people who are comfortable buying a mortgage without advice but there are a lot of people who still feel more confident going through a broker.
Jones says: “Some people want to look someone in the eye. I think there is a future for both brokers and branches.”
Chadney Bulgin mortgage partner Jonathan Clark says: “It is encouraging that he recognises the importance of brokers.”