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HSBC widens distribution with London broker partnerships – exclusive

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  • 07/04/2016
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HSBC widens distribution with London broker partnerships – exclusive
HSBC has begun the next phase of its expansion into the intermediary market by appointing three new broker partners to its distribution panel. 

Springtide Capital, Alexander Hall and SPF Private Clients, all members of Legal & General Nouveau, the mortgage club, will join existing partners London & Country and Countrywide.

From 8 April, Springtide will have access to HSBC mortgages with Alexander Hall and SPF Private Clients on board with the lender by mid-April. More brokers will be joining its panel over the summer.

Speaking to Mortgage Solutions, Tracie Pearce (pictured), HSBC’s head of mortgages in the UK, said: “Our launch so far has not been about volume, it’s been about the technology, the policies and the processes in place to support the brokers.”

Only a small amount of business has come through the broker channel, to date, because of its limited broker partnerships. Countrywide was the first broker to offer HSBC mortgages in October 2014 with L&C joining in August last year.

“We are hoping and expecting to be writing more volume this year through that channel,” said Pearce. “We recognise that HSBC’s customers want access to our products and if they have chosen to get advice from an intermediary we want to make our mortgages available to more brokers so they can come to us through that route.”

Pearce said the three firms were not chosen because they typically served wealthier London borrowers, but because Legal & General’s Nouveau brand had put them forward as being prepared to join the lender.

HSBC would not confirm or deny whether it would offer whole-of-market distribution by the end of the year but Pearce confirmed the bank would ‘have a significant market presence’ by the close of 2016.

She added: “We want to pass on our thanks to Countrywide and L&C. They have been working very closely with us to give us feedback on our systems and policies which has been invaluable in providing a smooth and seamless customer process.”

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