Mortgage lender Bradford & Bingley became the latest mutual building society to become a quoted bank when it floated on the stock market at the beginning of December.
While share prices have not soared the company has been pleased with the transition onto the stock market. James Evans, senior press officer at Bradford & Bingley, said: “Over 60% of customers have decided to retain their shares in the company which is very encouraging, especially at Christmas with credit card bills looming.”
The lender is also in the process of completing its transition into a retailer, rather than a manufacturer of financial products, turning all of its 600 high street branches and 800 advisers into independent financial advisers by the end of the year. Evans said: “We have always been independent advisers for life and pensions products, but we are now repositioning ourselves on the mortgage side as well. We will be offering 500 mortgage products from the top lenders in the country, and although we will still manufacture Bradford & Bingley mortgages in terms of selection they will only get in on their merits.”
The company is also moving to become an insurance broker so it will also be able to sell mortgage-related insurance products.