Coventry pledges no linked products

7 September 2010 | By Samuel Dale

Linked products require borrowers to take additional products such as insurance policies at a bank or building society in orderto qualify for a specific mortgage product.

The building society is also carrying out a survey to find out which is the most important Coventry pledge to them with results expected in October.

Other Coventry pledges include no dual pricing and a two day warning before any product withdrawals.

Colin Franklin, sales and marketing director at Coventry, says: “We were the first lender to make public commitments to the sector and we have remained true to them throughout the economic downturn.

“Through our pledges we aim to help brokers to give the best possible advice to their clients. Saying no to linked products is a logical extension to our pledges which includes no dual pricing and notice of product withdrawal”.                 

Dev Malle, sales and marketing director at Personal touch Financial Services, says Coventry has resisted pressure to withdraw its pledges.

He adds: “Instead, it has strengthened the pledges. I sincerely hope my colleagues in the intermediary sector do not underestimate the value of these pledges and appreciate how important pledges such as no dual pricing are at the moment”.

In 2007 Coventry made six key commitments to intermediaries including a promise not to dual price and not to cross sell.