It is tremendous that HSBC has recognised the need for its customers to have more choice and convenience when it comes to arranging their mortgage and so chose to enter the intermediary market and partner with Countrywide.
The launch of the pilot on 6 October is the culmination of a lot of hard work and we are proud that Countrywide was selected as the first brokerage with which HSBC begins its journey. We were thrilled when we were approached by the lender, as we know our customers will benefit from their market leading products, particularly in the remortgage marketplace.
Countrywide already has an existing relationship and partnership with HSBC through its Conveyancing and Residential Surveying divisions, so Countrywide was a logical choice as a partner in this pilot. We have invested extensively in our infrastructure, particularly in our firewalls, to ensure we deliver what HSBC expects. We have to make sure that through our broker channel we prove we can provide clients of the quality that HSBC are used to. On the other side, HSBC are learning and developing their service proposition, procuration fee systems and how their IT systems can operate in a broker market. We will learn and grow together.
We know that in this venture we represent the entire broker market. As such, we know that the eyes of all the other intermediaries are on us. Only if we ensure that our partnership with HSBC is a success will other brokerages benefit. We are delighted that we will be the first brokers ever in the UK to sell an HSBC mortgage through a sourcing system in our branches. We are committed to stepping up to the plate for the entire industry.
The FCA recognises the importance of this pilot and has been most supportive of it. We are pleased to have worked with the FCA on this exciting, market leading initiative. They have been helpful and insightful throughout.
Hype and overblown comments do come with the broker environment but this really has been exciting. It is rare to be involved in an initiative that is likely to really change the landscape of the mortgage market both for lenders, brokers and customers, forever.
Nigel Stockton is financial services director at Countrywide
