Abbey said its product range has been reduced from an estimated 100 products.
Helen Tochel, spokeswoman for Abbey, said: “Abbey has streamlined its range of mortgage products. Following feedback from advisers and brokers we have selected 38 of the most competitive and popular products.
“What we’re trying to do is make it easier for intermediaries to see which products best suit their customers’ needs.”
But Rob Clifford, managing director at mortgageforce, who last year wrote an open letter criticising the lender, commented: “Having an extensive product range can complicate the advice process, and there is such a thing as too much choice.
“But I think Abbey’s decision to cut its range is also a consequence of wanting to simplify both its internal processes and the regulatory hurdles it’s facing.”
Mike Fitzgerald, sales director at Brentchase Financial Services, said: “It’s much easier to have your KFIs ready when you only have 38 products rather than 100. But it was still a good idea for Abbey to have a slicker, leaner product range.
“In order to get a product code for deals online, it took longer with Abbey as you had to sift an extensive range. But this problem should be solved now.”
And David Hollingworth, mortgage specialist at London & Country, said by streamlining its mortgage range Abbey would have less room for error administratively when regulation comes into effect.
Hollingworth said: “If Abbey is still offering similar choice with the new range then this shouldn’t be seen as a bad thing. Its range had become too immense and caused confusion among brokers and clients.”
