Alliance & Leicester has come under fire after its online system is believed to have stopped working just hours before it changed one of its product rates.Tony Rich, sole trader at Yellow Financial, says he was left having to produce a new Key Facts Illustration for his client after he could not submit the case online, and A&L would not accept the case the next day at the original rate. Rich was trying to submit a two-year fixed product which was priced at 4.19% on October 3 but changed to 4.29% at midnight. He says: “This highlights how reliant mortgage lenders are on technology. I was unable to submit the case before the rate changed because the online system would not allow me to. “I then had to produce new documents for the case, which also meant a travelling time of three hours which was costly as I wasn’t charging the customer for submitting the case.” Rich says it is a remarkable coincidence that A&L’s online system stopped working the day before the rate was to go up. He adds: “Often when big lenders bring out a good rate they cannot cope with demand and withdraw the product. What a coincidence the online system stopped working just before the rate was set to change. I don’t believe anything is a coincidence with these big companies.” A&L admits that when it withdraws a fixed rate product it experiences a surge in applications. Sally Lauder, spokeswoman for A&L, says: “Whenever we withdraw a fixed rate product we see a surge in applications and sometimes this surge makes our systems slower than usual.” A&L has contacted Rich and is working to resolve the problem.
- Top trends
Prudential has confirmed its lifetime mortgage product will be open for business from October 17. It has also launched an online calculator to help advisers calculate the savings using its flexible product.
Propertyfinder.coms latest survey of estate agents reveals that properties near football grounds are less popular with home buyers, while those near tennis and cricket grounds attract premium valuations.Famous cricket grounds are estimated to add 3.3% to property prices nearby. While a property close to Lords in London could be worth 2.8%, or 14,500 above the […]
From Simon Fisher Having learnt about Abbey’s offline mortgage application system I phoned my local processing centre to request details, only to be told that it had been given only 25 CDs and they had already been sent out to its best brokers. I don’t understand why in this day and age such details can’t […]
NEAR MISSWorking at the weekend isn’t so bad, as MS editor Robyn Hall and hackette Rebecca Atkinson found out when they attended the premiere of Wallace & Gromit: The Curse of the Were Rabbit on Sunday courtesy of those kind folk at Bradford & Bingley. The pair got a taste of how the other half […]
Health Shield will be revealing all about its new benefits, employer support programmes and online rewards portal at Employee Benefits Live.
News and expert analysis straight to your inboxSign up