It was dispiriting to hear a top FSA official accuse brokers of working lenders’ fast-track systems to place cases without income proof. This isn’t happening and anyway why are only brokers being singled out?
Hero of the week is Precise Mortgages after it was approved by the Financial Services Authority to offer regulated mortgages. Well done to Alan Cleary and his team. Their expertise and funding will be invaluable in a market deprived of competition – it will be interesting to see the types of products they come up with in the months ahead.
Villains of the week are Nationwide for Intermediaries and The Mortgage Works as their website servers went down for a significant period last week. I hope their IT teams can fix this so it doesn’t happen again. Both these lenders continue to lead the way with regular email communications to brokers.