View more on these topics

Out of date deals slammed


A broker has slammed Tri-gold for sourcing out of date products.

Two weeks ago, Rodney Wadham, proprietor of Wadham Financial Solutions, tried to source a mortgage from the system, only to find that the top three matches had already been pulled.

He says: “I sourced a mortgage with Nottingham on a five-year fixed rate of 5.64%. But when I contacted the lender, I discovered the product had been withdrawn six days earlier.

“I then checked the next two cheapest deals, Coventry and Halifax, both quoted at 5.69% and found they were out of date too.”

Wadham adds: “Why aren’t there sufficient resources available within Trigold to keep this on track?

“After all, the national papers and trade magazines have been full of talk about rate changes for months. I’m be-ing charged 17.63 a month for out of date information.”

Bill Safran, managing director of Trigold, says: “We receive updated pro-ducts from lenders four days before they go live. We then put them onto the system within two days and allow the lenders two days to verify the facts.

“Our main aim is to keep brokers happy. We work clo-sely with lenders to keep their products up to date.”

Mark Lofthouse, managing director of Mortgage Brain, says: “The frequen-cy of change in the mortgage market is bewildering. Products change all the time.

“At Mortgage Brain we are trying to increase the number of updated products that go through our electronic grid so we can update the system within a day. At the moment, 99% of all change requests are completed within two days.”

l See Letters, pages 46-49

Recommended

Freedom launches two-year self-cert tracker

Freedom Lending has launched a two-year discounted self-cert tracker mortgage available exclusively via Mortgage 2000.The product starts at 5.93% to 85% LTV, and 6.13% to 90% LTV with a £799 completion fee. With a £999 completion fee, the product starts at 5.79% to 85% LTV and 5.99% to 90% LTV. The mortgage also includes a […]

Mandy Spink speaks out in MS

Mandy Spink, the Financial Services Authority’s newly appointed head of mortgage and credit unions, has urged brokers to ramp up their standards and become more principles-based. In her first mortgage industry interview, Spink tells Mortgage Strategy: “I want to see less non-compliance because the recent Treating Customers Fairly results for small firms were disappointing.” l […]

Buy-to-let warning for novice landlords

Reports of growing turbulence in the buy-to-let market abound. Should we be concerned, or is the underlying business proposition still robust?

Marketwatch

Swaps continued to surge last week. All the swap rates I record are now above 6%. Although they fell back slightly on Tuesday, they still finished significantly higher. It will be interesting to see if they fall a bit following the most recent base rate announcement. One-year swaps are factoring in three more base rate rises, which I think is unlikely.

Newsletter

News and expert analysis straight to your inbox

Sign up