View more on these topics

I feel compelled to expose lenders’ irritating ways

From S Akhtar

It is with great regret that I write this but two recent events compel me to.

The first case I would like to highlight concerns BM Solutions, which I use on a regular basis.

I applied for a buy-to-let mortgage with this lender for a good introducer client on a property his brother is already renting.

The property was down-valued by about 20,000 and the client went back to the vendor to renegotiate the purchase price down to the new valuation.

At this price, it was within the client’s brother’s price range so between them, they decided the brother would now purchase the property to live in himself.

I duly applied for the brother to purchase the property. But when it came to the question of valuation BM Solutions insisted on a new one. Why? Because the original valuation, carried out just two weeks earlier, was in another person’s name.

Can someone tell me why BM Solutions needs the valuation fee again? It calls it company policy. Surely this is going too far.

Now for Future Mortgages. After submitting a case online, checking it on the case tracking system and finally getting through on the phone after 45 minutes, I was told that it does not have any knowledge of the case. I said that it was on its case tracking system only to be told that it does not have a case tracking system.

I asked to speak to a manager because I was told I should fax the paper application and to my annoyance, was told that there were no managers.

Then I asked for the contact details of my BDM, only to be told that they are no longer allowed to give out contact details.

What sort of operation is this?


Our affordability-based model has support among brokers

From Simon Baum I write with regard to the comment piece by Keith Butler in last week’s issue (Mortgage Strategy December 5) entitled ‘Affordability figures must add up’. I started reading what I thought was a general piece on affordability but found it soon descended into being a misleading and inaccurate portrayal of Alliance & […]

MPLC to get corporate makeover

Mortgages PLC is unveiling a new look logo and corporate identity, which will be officially launched in January 2006.The brand identity will replace the current black house logo, which has been used by MPLC since its launch in March 1998. The new identity will be applied to all documentation and promotional material and the rebranding […]

Scarborough introduces telephony system

Scarborough has become the first organisation in Europe, the Middle-East and Africa to fully introduce a telephony system.The society has partnered with Nortel in developing and installing the expert anywhere contact centre solution with Nortel contact center 6.0, as part of its moves to improve the speed and efficiency of its service to customers.The system […]

80% of new businesses survive their first year, says DTI

Starting your own business is seen by many as a high risk venture, that could see you bust within the first year – but it might surprise many skeptics to learn that 80% of new businesses survive their first year of trading.The myths surrounding starting and running a business research released today by the Department […]

Burnett: what needs to happen for value to start performing again?

Value stocks have significantly underperformed growth stocks in Europe in the past decade. However, Rob Burnett, manager of the Neptune European Opportunities Fund, believes we are now approaching an inflection point. Watch the video below to find out more. In the video, Rob discusses: How low inflation and loose monetary policy since the global financial […]


News and expert analysis straight to your inbox

Sign up