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Loyalty and remortgage products key drivers for Barclays
Customer retention, remortgage and loyalty products have driven a 48% rise in mortgage lending at Barclays since 2008.
Andy Gray, managing director of mortgages at the lender, said that mortgage advisers were a key reason for the growth.
“We’ve seen intermediaries as integral to our retention activity,” he said in a video one-to-one with Mortgage Solutions editor Vicky Hartley.
“We look to reward existing Barclays bank customers with a better deal and it doesn’t matter whether that person comes through a Barclays branch or an intermediary. Our existing loyalty scheme means that our customers with a certain turnover in their current account have their application fee at zero or reduced by 50%.
“In terms of retention, we are clear that we see an important role for our intermediary partners in retention. We see it as a partnership and you can see that in how our book has grown over the market in the last few years.
“The market has probably grown something like 4-5% on the mortgage side while we’ve grown 48% since 2008 and a big part of that is retention activity, but also the offers we’ve had out there in the market.”
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Gray went on to say that Barclays had sold around 50,000 Great Escape remortgage products since the range was launched in the autumn of 2011. He said that lenders were now looking more at practical solutions for customers.
“More than ever the customer is the focus of our product development. It is really integral to the way we should do business going forward and arguably looking backwards the customer didn’t feature as much in some lenders’ decisions.
“At the end of the day they are buying this product.”
Click HERE to watch the full interview.