Lloyds Banking Group’s outgoing sales director of mortgages Nigel Stockton believes the share of lending the bank puts through intermediaries may fall by nearly a third over the coming years.
He predicts Lloyds’ lending through brokers could fall to around 50 per cent of its overall lending figures from the present figure which is reckoned to be around 70 per cent.
Stockton, who will join Countrywide as financial services development director on October 1, says Lloyds will remain a major intermediary player, even as it concentrates on driving business through its branches.
He says: “I have seen the strategy for the next few years and, yes, Lloyds will concentrate on the branch network and that is right. But, equally, it will concentrate on being the biggest and best mortgage intermediary lender.
“When you are the size of, say, Lloyds Banking Group or Santander, there is plenty of space for everyone. The fact of the matter is the majority of Lloyds’ lending this year will be from intermediaries and it is not moving away from intermediaries. It will get closer to 50 per cent but Lloyds will continue to be a strong intermediary lender.”