Woolwich ditches funds booking line for online system
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Woolwich is scrapping its funds booking line in favour of an online funds booking system with effect from Monday.
Mortgage Strategy was the first to reveal Woolwich’s plans to move to an online system back in November.
The tranche management system, where brokers had to book funds for their clients by phone, was launched last February and came under fire from many brokers who in some cases had to phone over several days and stay on hold for long periods in attempts to secure funds.
Woolwich will now operate an online booking system instead.
Brokers will have to key in which network or club they are booking funds through, the product, and the amount required.
They will then receive a unique reference number to be used when submitting the application on MAX, Woolwich’s online mortgage application system.
The reference number will only be valid for 48 hours from when it is given.
This means that brokers will need to submit the case within 48 hours, otherwise the allocated funds will be lost.
If a case does not got through because funds have not been secured but the customer has paid the £995 application fee, the fee will be refunded.
A case will not be accepted without a funds booking number.
Brokers should continue to use the funds booking line today, which closes at 5pm tonight.
The system goes live on March 29.
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Readers' comments (8)
Anonymous | 26 Mar 2010 10:57 am
This will be worse than booking tickets for my daughter to see Miley Cyrus!!
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Anonymous | 26 Mar 2010 10:58 am
About time! Hopefully they will have updated their processing system as well so that when the case is submitted you don't have to wait up to 3 weeks for an answer!
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Anonymous | 26 Mar 2010 11:24 am
I have not used the Woolwich now for over a year despite having used them frequently for the previous 5 years. At one time they brought out a system of removing brokers from their panel if you had not submitted a case for 6 months. Is this still the case? I have no intention of using them at the moment but was just wondering if I could anyhow?
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Dan McGeehan | 26 Mar 2010 12:08 pm
Step in the right direction as the funds booking was torture.
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Anonymous | 26 Mar 2010 2:49 pm
So much for Customers being treated fairly. When are Brokers going to be afforded the same facility ?
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Mick | 26 Mar 2010 3:18 pm
anon@2.49pm
I dont understand - what's not fair?
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matthew | 29 Mar 2010 11:27 am
Computer says NO!
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matthew | 29 Mar 2010 1:12 pm
Computer says NO!
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