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Woolwich ends midnight funds

Woolwich has revamped its online case booking system so intermediaries will no longer have to wait until midnight to book funds.

Woolwich allows brokers to reserve products by securing funding online, which was previously released at midnight seven days a week. But from today, intermediaries will be able to secure funding from 10am daily.

The lender is also splitting its single tranche of funding into residential and buy-to-let mortgages from today and is removing the funding limits for mortgage networks and clubs.

Mike Fitzgerald, sales and marketing director at Emba Group, says: “The system caused a lot of trouble but these changes seem sensible. Removing the tranches for networks and clubs will ensure the money is spread more widely and will give directly authorised brokers choice.”

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