National Australia Bank targets UK mortgage intermediary market
Mortgages will be branded under the Clydesdale Bank brand, which is the National’s lead brand for its expansion in the south of England. Clydesdale Bank is one of the National’s banking franchises in Europe.
This month the National entered partnerships with Legal & General, The Mortgage Times, The Whitechurch Network, London & Country and Moneyquest to offer mortgages via their networks. The National also has partnerships with Charcol Ltd, Hamptons International Mortgages Limited and Kingsway Mortgages Limited.
The mortgage Key Facts Illustrations (KFIs) illustrated through Trigold and Mortgage Brain are within the tolerance levels prescribed by the Financial Service Authority.
Dean Cutbill, general manager of Third Party Distribution, is driving the National’s entry into the UK mortgage broking market. Dean brings more than 10 years of experience in the intermediary market to his new role, most recently as corporate business director of Barclays Bank.
Dean said “The majority of home owners now arrange their mortgages through intermediaries. Entering the mortgage intermediary market provides us with the opportunity to do business in a growing area of the mortgage market in which we previously had no presence.
“A key feature of our intermediary proposition is the quality of our relationship managers. We have a growing team of experienced professionals who have been recruited for their expertise and local knowledge of the market.
“This is an important aspect of the National’s growth in the UK, particularly in the south of England where we are developing a network of financial solutions centres to provide an integrated approach to banking for businesses and executive customers.”
The National has a series of partnerships with mortgage brokers in the pipeline, which will be announced over the coming months.