Your Views

No point arguing with Nationwide on proc fees – other lenders do it too

The debate rolls on about Nationwide paying proc fees directly to borrowers…

The direct deals available to existing customers are far better than those an adviser can offer anyway so, unless something is done about dual pricing at the same time, the proc fee issue is irrelevant.

If client needs are really at heart then advising existing customers on the best direct deal will save them around £999 in lender arrangement fees. So I think brokers should just accept that Nationwide prefers clients to go direct and has far superior products for them to do so. These are the facts.

Don’t create a Nationwide client if you do not wish to lose future remortgage opportunities, because it is not the first lender to treat brokers in this way and the other lenders reacted only when there was a drop in adviser applications. Bear in mind that any client going direct to Nationwide does not have a full advice application.

Steve Balmer, David Allen Financial Services

Dual-regulator process for buy-to-let is both bizarre and confusing

We have already seen many lenders increasing their rent-to-mortgage ratio ahead of the PRA’s expected final rules, which refer to protecting the ‘consumer’ rather than the ‘investor’.But the rent ratios seem to apply to both consumer buy-to-let and investment buy-to-let, with lenders reluctant to differentiate between client types.

Perhaps the corporate exemption will push more borrowers into the limited company world – we’re certainly having many more conversations on this subject than previously.

This dual-regulator process – with PRA versus FCA in ‘non-regulated’ products – can seem increasingly confusing and bizarre to many market participants.

Chris Hulme, Clayton Hulme

Adviser staff should be CeMAP qualified for second charge service

We believe that all master brokers and distributors providing second charge services to the intermediary sector should already have their client-facing staff fully CeMAP qualified.

The second charge market is still winning its spurs in the wider intermediary sector. We feel that being properly qualified is the minimum requirement that any master broker or distributor should be able to demonstrate to introducing brokers if second charge lending is to reach its potential as a viable alternativeto remortgaging. We believe that the regulator has been very generous regarding the timescale for achieving full CeMAP.

In our opinion, therefore, every master broker and distributor who is serious about the professionalism of our industry should already have their adviser staff fully CeMAP qualified.

Tim Wheeldon, Fluent for Advisers