Lender under fire for lack of notice

Woolwich is under fire from brokers for failing to notify them about changes to its loans. Andrew Montlake, partner at Cobalt Capital, says the lender sent information on its decision to cut its maximum loan amount from £2m to £1m more than two weeks after the change took effect.

Montlake says: “Lenders have to be aware that with proper notice brokers can assist them with changes and ensure that consumers’ expectations are met. It’s a common sense way to avoid negative press.” A spokeswoman for Woolwich says: “An email was sent out on February 20 but we apologise to those brokers who may not have received it.”