Skipton Building Society is signalling its intent to increase its share of the intermediary market by outlining plans to improve its online systems and offer retention fees to brokers.
It says that online is its priority but retention fees are high on the agenda.
Head of intermediary sales Paul Darwin says: “The bigger priority for us at the moment is our online system. With retention products there are a lot of facts to consider such as systems capability. Not all lenders have as smooth a system as HBOS.”
But brokers question Skipton’s commitment to the intermediary market, noting it offers cheaper two-year fixed-rate products direct to consumers. Alexander Hall chief operating officer Andy Pratt says: “We do not do a lot of business with Skipton. They would need to look at generating more business through intermediaries.”
London and Country mortgage specialist James Cotton says: “They are one of the lenders that do have an aggressive direct-to-consumer channel but I think that they are definitely committed to intermediaries.
“A lot of it is about IT and they need to get this foundation right first.”
Skipton says that around 60 per cent of its business is through brokers.