19 January 2015

TSB to shake up broker market with the launch of TSB Intermediary

From today, TSB mortgages are available through mortgage brokers across Britain - offering people a choice of applying for a TSB mortgage either through a broker or direct, when buying their home.

TSB Intermediary is an essential next step in The Bank's growth strategy to raise its profile as a destination for mortgages.  The Bank is committed to providing an industry leading broker service that is active in all markets and has recruited more than 200 people in the past six months to provide a unique service.  This distinctive service proposition is a bid to do things differently and 'shake up' the broker market, making TSB Intermediary stand out from its competitors.  

How TSB Intermediary is different 

  • Premium service as standard - The Bank has invested in 24 local relationship managers to provide exceptional support to brokers. This is a much higher ratio for market share than the majority of competitors allowing for a more personal service.
  • Expert to Expert - All TSB Intermediary Partners are skilled professionals. The majority of Partners on the TSB enquiry line are CeMAP qualified and have worked as mortgage advisers.  TSB underwriters have an average of 10 years experience.
  • Access to decision makers - Where a customer's mortgage application is referred to an underwriter, brokers will have direct access to that underwriter to help them understand any additional requirements.
  • TSB won't leave brokers hanging - All calls to relationship managers will be returned within three hours and any email enquiries received before 5pm will receive a response the same day.
  • No dual pricing - Mortgages available through TSB Intermediary will mirror those on offer in TSB branches, ensuring that the best deals are available to anyone looking to move home, regardless of how they choose to take out their mortgage. 

Roland McCormack, TSB's Mortgage Intermediary Director, said: "TSB was born to bring competition to the market and we will be a substantial intermediary player. We're dedicated to providing a great service to brokers and competitive mortgages for their customers.  However, service is our number one priority and we aren't prepared to sacrifice for volume which is why we're looking to grow organically. 

"You can copy systems but you can't replicate people.  This is why we have built an intermediary business with the focus on recruiting experts who care about providing a stand out service to brokers. In doing so, we will provide mortgage brokers with the tools they need to help people buy their homes - making the process, from start to finish, as simple and transparent as possible."

The Bank has recently completed a successful pilot with leading fee free broker London and Country.

In late November 2014, TSB took up residence in new offices in Bristol, moving to Almondsbury Business Park from its current location in Prince Street in Bristol's city centre.  The move to these modern premises supports the creation of TSB Intermediary, accommodating TSB's existing 300 Partners based in Bristol including Marketing, Finance, HR and Communication teams, as well as housing the additional 150 mortgage intermediary roles.*

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Notes to editors

* The building, named Keypoint, built with light, space and efficiency in mind, hosts four floors covering 64,000 square feet, 259 car parking spaces and has newly installed staff facilities such as showers and a restaurant.  

  • Roland McCormack interviewed all new customer facing Partners personally to ensure TSB Intermediary delivers the service we are committing to providing.
  • Based on projected first year applications, TSB Intermediary should be a top ten lender in 2015, and it is anticipated that new mortgage lending will grow fourfold to £6 billion, across all channels, by the end of 2017.
  • Initially brokers will only be able to recommend residential mortgages, with buy-to-let becoming available through brokers later in 2015.
  • TSB Intermediary will be available to selected broker firms at launch with a view to rolling out more widely through the year.




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