View more on these topics

Losing my cool with lenders that elbow me out of the way

Lenders that approach my clients are starting to get my goat, with Abbey and Nationwide being the worst culprits.

I regularly review my clients’ files, especially when their deals are nearing an end.

I recently contacted a client whose five-year fixed rate is coming to an end in June only to be told that Abbey had contacted them in January and offered a two-year fixed deal, waiving redemption penalties if they proceeded.

Meanwhile, Nationwide is sending out review letters two months in advance explaining its online switcher deals to steer customers away from its base mortgage rate of 2.5%.

Of course, there’s no mention in these letters of contacting the brokers who originally introduced the business. It’s about time lenders cottoned on to who provides the biggest proportion of their business.

Yours, a frustrated broker.

BERNARD WADE

Recommended

Lenders must make up their minds on the broker market

Countrywide boss Grenville Turner’s comments about the intermediary sector are strange considering his position, but I think I understand what he’s trying to say. There should be a market for direct and introduced business but lenders must drop dual pricing. My recent experience indicates that introduced cases do not get good service compared with direct […]

Newsletter

News and expert analysis straight to your inbox

Sign up