David Hollingworth, mortgage specialist at London & Country, recently wrote a blog on Mortgage Strategy Online about Lloyds Banking Group’s mortgage for borrowers in negative equity. He mentioned that it was a shame brokers did not have access to the product.
But what carefully considered advice could actually be provided when no other lender in the current market will be able to assist?
Surely Lloyds should provide the advice as it is underwriting the deal and consequently making the decision to lend/port. Why complicate matters by having a third party involved?
No doubt most brokers would charge the customer a fee for ultimately the same outcome as speaking to Lloyds direct. I see no benefit other than to the broker in opening this option up to the intermediary market?
I would also like to add for the record Lloyds advisers can provide a full advice and recommendation service to customers.
BRANCH MORTGAGE ADVISER