BoS must be a candidate for villain of the year

Should there be such a thing in 2008, a prime candidate for villain of the year on MS\' Marketwatch page must be Bank of Scotland for withdrawing its 100% LTV mortgages without telling anyone, including its workers.

Such deals are still advertised on its website and its call centre staff remain more than happy to speak about 100% LTV deals.

Other lenders have managed to notify all market players by email when they have made similar moves, giving them plenty of time to make the required adjustments.

Now I’m having to deal with many distraught clients who have current accounts with BoS, trying to explain why their lender took this decision.

No matter how things like this are explained to borrowers, brokers always appear at fault. Once again, TCF proves to be an alien concept for many lenders.

John Miller
Independent financial adviser
Bates Investment Services
By email