We’re constantly refining Woolwich’s funds system
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It was disappointing to read the letter from Howard Woods entitled ’There has to be a better way to book funds at Woolwich’ (Mortgage Strategy June 14) in which he explains how he was unable to book funds.
We understand how frustrating this can be. Demand for our products in the past few weeks has been tremendous and we have allocated all our tranches every day, with some admittedly lasting longer than others.
In these circumstances, while many borrowers and brokers are able to secure funding others are bound to be unsuccessful.
We appreciate our booking system is loved by some but doesn’t hit the mark for others. We implemented it as the market is now a different place compared with the past few years.
Our system has benefited the market in a number of ways. It has allowed us to maintain our service proposition in all conditions
As a key player in the mortgage market we need to look at how best to structure our funding arrangements to manage our capital, and feel our funds booking policy helps us achieve this.
We also believe our system has benefited the market in a number of ways. It has allowed us to maintain our service proposition during business peaks and troughs, cut out dual pricing and be one of only a few lenders to keep our top products available for longer through both direct and broker channels.
We appreciate that no system is flawless but Barclays remains committed to the broker sector and continues to be one of the strongest lenders on the high street.
Rest assured, we are constantly listening to your feedback and working hard to improve every aspect of your Woolwich experience.
DAVID FINLAY
INTERMEDIARY BUSINESS DIRECTOR
BARCLAYS
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