We value brokers and promise to help them to help clients

An open letter to brokers from lenders. We are sorry that the liquidity crisis is having such a profound affect on the broker market. Brokers provide us with business and we value them and want to treat them fairly.

To ensure that we do, we would like to establish the following concord of agreement and understanding.

We ask you to understand that because of unprecedented liquidity problems we will do our best to give as much notice as possible for product and rate withdrawals but circumstances may not always allow this.

Not giving enough time causes you embarrassment if clients can’t complete applications for deals you have recommended.

We also understand that this will cause more work for you as you attempt to secure other suitable deals.

We realise that we’re not treating customers or you guys fairly if we create confusion by offering cheaper products directly to clients when you have been working hard to give them suitable advice in accordance with FSA requirements.

It’s appreciated that any lender reducing proc fees at a time when they are making significant margins on new business would be short-sighted and incur the wrath of the intermediary market.

This would damage not only those lenders but the market in general, which cannot survive without a partnership with you.

As lenders, we appreciate that it’s in our best interests to embrace the intermediary market in a way that helps clients.

We’re prepared to let you know if customers miss mortgage payments so you can investigate problems before they becomes serious. We promise to work with you to resolve the problems if possible and negotiate a way forward to avoid repossessions.

The lenders aka Danny Lovey
Proprietor
The Mortgage Practitioner
By email