From Anne RobsonHalifax products have seldom been at the top of my sourcing results when advising clients on suitable mortgages. But recently I had a case where the Halifax deal on offer was number one and in due course I submitted an online application. The valuation was carried out and an offer produced on September 9 . I went on holiday for a week and came back to find a revised offer from Halifax. The only difference was the mysterious inclusion of figures for buildings insurance of 17.33 per month and contents cover of 26.86 per month – a total of 44.19 per month. So Halifax has issued a revised offer, masquerading as my advice, which shows insurances I have not quoted for, certainly at a 25% higher cost than the product I did quote for (33.22 per month in total), and the remortgage has now completed. The Birmingham mortgage desk investigated this and identified the rogue member of staff responsible and cancelled the policies. I shall, of course, be submitting a formal complaint about this blatant attempt at not just cross-selling but an illegal misrepresentation of the advice I offered my client. Ironically, the insurance I recommended to the client was with Paymentshield, which offers not only a lower premium but also three months’ free cover at onset. Paymentshield is associated with HBOS now, with its underwriters St Andrews Insurance being part of the HBOS group and based in Halifax. I wonder what the FSA would make of that?
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From Chris Stanfield I have to agree with previous comments on these pages regarding Halifax’s poor service and its amazing invisible lending criteria. In some cases its performance and treatment of applicants and intermediaries is appalling. I submitted an excellent case for a 90% purchase on July 19. I supplied every document stated in the […]
From Jeff Sutherland-Kay I suppose I should be flattered that Richard Griffiths has mentioned me twice in his recent scribblings, but his column in Mortgage Strategy on September 26 is just not right. He tries to make the argument that lenders with branch networks use the intermediary channel to subsidise the costs of branch-based lending […]
Nationwide has today increased the premiums on its Mortgage Payment Protection Insurance. For 12 months cover, accident, sickness and unemployment has increased from 5.39, to 5.89, accident and sickness has increased from 2.79 to 3.29, and unemployment has increased from 3.66 to 4.19 per 100 insured. For 24 months cover, accident sickness and unemployment has […]
GMAC-RFC today announced the appointment of Daniel Cashen as product development manager. Cashen will be reporting to John Wright, head of product development in the sales and marketing team. Godfrey Blight, sales and marketing director, says: Daniel has joined the team at an exciting time. Our new range of excellent rate products has just been […]
This guide from Johnson Fleming, entitled ‘Choosing an auto-enrolment provider’, will take you through some key questions you need to ask and what information you want to be finding out in response to these.
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