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Stockton says broker share of Lloyds’ lending could slump

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.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. perhaps if they stopped taking brokers off panel for knowing the job these figures will not fall.

    Good riddance, you weill not be missed

  2. No big surprise as it is clear that product providers will have to find different ways to sell their products especially once we are in post RDR world.

    Product providers will do more business direct and online as it will be cheaper and more cost effective.

    Whether this is better for consumers time will tell but I have my doubts.

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