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Abbey denies retention rumours
14 April 2007
Abbey has denied that it is to launch a retention scheme for existing customers, despite continued speculation that it is considering a scheme similar to that employed by Halifax.
With a number of lenders considering their future moves in the market, retention schemes for existing customers have been mooted as a major incentive for borrowers and intermediaries, as long as the broker follows best practice guidelines and the offer represents the best option for the client.
Following recent moves by lenders to define their policies, an intermediary who wished to remain anonymous, indicated that Abbey would be considering its retention policy, to fall in line with other lenders operating in the market. The intermediary said: “I have heard that Abbey is currently reviewing its policy on how it treats existing customers.”
The source added: “It will be interesting to see if it is going to go down the Halifax route and offer good rates as well as pay mortgage intermediaries a fee.”
However, a spokesperson at Abbey, denied the lender was considering any changes in its retention strategy in the near future, although it did not rule out a change in policy further down the line.
The spokesperson said: “There are no plans to introduce a retention procedure at Abbey in the near future.”