Coventry sees broker sales double
FTB business accounted for 20 per cent of the lender’s mortgage book in the first quarter of 2006, with three-quarters of this business done through broker channels.
Julie Jones, head of intermediaries at the Coventry, said: “Not long ago, we weren’t well-known for our intermediary distribution but, since ‘Mortgage-Day’, we’ve trebled the number of brokers we are working with. We’ve seen our intermediary business double in the last year and also doubled the amount of FTB business since quarter one of 2005. The fact that three-quarters of this has been through advisers shows the majority of FTBs are looking for advice and brokers are responding to our products.”
Coventry claims many features of its product range are geared towards FTBs, such as 100 per cent mortgages with no higher lending charge for FTBs and the ability for a family member to put some of their income into the mortgage.
Now the lender is looking to increase its business further afield through the intermediary market.
Jones commented: “We’ve got our branch network but it’s localised in the Midlands. However, through the intermediary market, we’ve got brokers across the country so we are getting our message to more people.”
Jonathan Burridge, managing director at Quantum Mortgage Brokers, said: “Anyone who enters into the broker market will find it challenging as we are very demanding for our clients. It had an innovative buy-to-let product and its service is satisfactory. However, in a market where it can often be poor, it should be taken as a compliment.”