Alan Mathewson, managing director of intermediary distribution and Santander Private Banking (UK), confirmed the consolidation of the intermediary mortgage business, saying it would enable it to align its product ranges and increase efficiency.
Alliance & Leicester will cease accepting new mortgage applications from brokers from 15 October 2010.
Changes will be taking place at Alliance & Leicester over the next several weeks in the run up to the merger, including no longer accepting applications from new mortgage customers over 75% LTV from close of business today (5 August).
Mathewson said: “Our number one priority at this time is improving our service levels and focusing all our resources on one brand will help us achieve this quickly.
“Abbey for Intermediaries is a strong brand whose commitment and support to the intermediary market has never wavered over the difficult years. We believe the integration of our intermediary offering will help us provide the service and product offering to enable us to become the intermediary lender of choice.”
As part of the move, Abbey for Intermediaries is offering brokers an additional 0.02% for all new Abbey business placed between 5 August and 31 October 2010.
It will also launch a two-year fixed rate at 3.90% through key account partners on 6 August, with no fee, up to 75% LTV for homebuyers.
