Standard Life Bank is hitting back at criticism that its share of the mort
gage market has slumped during a time of staff upheaval.
Standard Life took a 17 per cent share of the mortgage market last spring
but the bank's share now stands at 9 per cent.
The fall comes just months after former managing director Jim Spowart left
to start up Halifax's rival internet bank Intelligent Finance.
Since Spowart's departure, about 70 Standard Life Bank staff have left to
But Standard says its market share over the entire year was 11 per cent
and the 17 per cent lasted for just one month.
It blames the fall on the increased competition in the flexible mortgage
market and the general drop in people remortgaging.
Managing director Neil Ross says: “A year ago, there was only three
flexible mortgage products on the market but now there are about 30.
“Competition is hotting up. But 9 per cent mar ket share is not bad for a
business going barely a year and that is now almost entirely new lending. I
would like to see it above 10 per cent.”