Zurich Financial Services has been responsible for the introduction of more than £12 billion new mortgage business to its panel of leading lenders. This represents an increase of 52% over last year's results and compares very favourably with figures from the Council of Mortgage Lenders (CML), which has reported a total market increase of just 35%.
This has been a record year for Zurich Mortgage Solutions, which encompasses the delivery of mortgage products through both the Zurich Advice Network and Zurich IFA Group distribution channels. Each channel has its own dedicated panel of lenders offering a different range of solutions to meet the differing customer needs.
As Zurich Mortgage Solutions continues to build on this success, a further five new members have been added to the panels to increase the scope of the proposition. Woolwich, NatWest and TMB are new to both the ZAN and ZIFA panels whilst Birmingham Midshires and Cheltenham & Gloucester are new additions to the ZAN panel.
The average loan size is around £100,000, with applications currently running at over 9000 each month. The conversion rate reflects the level of customer satisfaction, with panel completions increasing by 60% over 2001 results.
Richard Coulson, Mortgage Franchise Director for ZAN, attributes the success of the Mortgage Network to the fact that the panel members offer a wide choice of products to meet every lifestyle need, coupled with access to special deals and exclusive offers.
"Customers have voted with their feet," says Richard. "We now have a combined total of sixteen panel members and economies of scale mean that we are able to offer highly competitive deals. Clarity and simplicity are our watchwords and our emphasis on face to face advice, coupled with our filter system helps customers to make an informed choice which is right for their lifestyle."
Jim Reeve, Managing Director of ZIFA is equally confident about the success of the mortgage proposition for IFAs:
"We are providing IFAs with access to a number of exclusive mortgage schemes and arguably the best marketing support of any IFA mortgage club, including free access to mortgage sourcing software from Mortgage Brain."
ends
Zurich Financial Services is an insurance-based financial services provider with an international network that focuses its activities on its key markets of North America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in approximately 60 countries and employs well over 70,000 people.
Zurich Financial Services, (UKISA) is part of the Zurich Financial Services Group and comprises the Group's operations in the UK, Ireland and International Businesses.
For further information:
Zurich Media Relations - Fay Ford on 01793 502873 or Erica Harper on 01793 503969.
