Out of date deals slammed

A broker has slammed Tri-gold for sourcing out of date products.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 But when I contacted the lender, I discovered the product had been withdrawn six days earlier.

“I then checked the next two cheapest deals, Coventry and Halifax, both quoted at 5.69% and found they were out of date too.”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 I’m be-ing charged 17.63 a month for out of date information.”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