Andrew Parkinson’s letter last week lamenting the refusal of some lenders to accept email and scanned faxes will have the approval of the broker community.
Presumably it is a cost issue for some lenders and the best way for brokers to respond is to pass the same issue down the line.
If they want to recommend a lender that only uses faxes they can issue a warning to clients with the Key Facts Illustration saying that the lender has a practice of not accepting scans and losing faxes so the mortgage offer will be subject to delays and fees will increase by £100.
If the client is happy to proceed with this lender to achieve a slight rate advantage they should be asked to confirm they are happy with this.
Unfortunately if a lender continues to be rewarded by brokers for bad service they will get around to investing in systems only when it suits them.
Stirling Partners Finance