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Tranche system aims to reward loyal brokers

Woolwich has defended its new mortgage tranche system and says it is taking a quarter of all intermediary business each week through it.

Intermediary business director David Finlay says the firm has been up front about its intentions for the intermediary market compared with competitors.

He says: “Some of our competitors have a lot of dual-pricing out there and are doing things in the background with credit scores and stopping business coming in that way but we have been honest.”

Finlay says some advisers might find themselves at the back of the tranche queue.

He says: “We are looking after loyal brokers who have worked with us in the past. It is tough but that is reality.”

He says the fact that Woolwich is taking around 25 per cent of its intermediary mortgage business through the system shows it is working. He says: “We are just lending really, really quickly and there will always be winners and losers in that scenario.”

Woolwich is aiming to continue to control lending and watch its competitors closely.

Finlay says this will hinge on its relationship with firms such as housebuilders and private funds such as annuity providers.

He says: “There are talks internally about what we can and cannot lend. I think if the competition comes out and starts to lend in the 90 per cent and first-time buyer market, then we will have to look closely at what we can do.”

Finlay also hinted that Woolwich will be pushing existing products in the coming months. He says: “One of the key products we have is offset and I would not be at all surprised if we promoted that as not just a mortgage product but also a savings product, maybe round April.”


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