From Ian A MooreLenders appear to be hiding behind data protection rules. I am arranging new purchases for two clients, for whom I arranged original mortgages with the Halifax and Abbey. As both clients are currently in tie-ins it was prudent to arrange the increases with their existing lenders while porting their original deals to the new properties. Both solicitors received redemption statements from the lenders showing early redemption penalties payable (in each case they should not apply) and so came back to me to ask that I contact the lenders for revised statements. I contacted Halifax and Abbey and was told to speak with their existing lenders’ redemptions departments. So, I inform the person who answers the phone what I want them to do but as I have “no authority” to discuss the existing accounts, the request for correct redemption statements has to come from either the client or solicitor. This is due to “data protection”. Despite me being the original broker, subsequently advising on the new mortgages and having all the information on file, I am frozen out. Why is it not possible to automatically give authority on an existing account when that account is part of the new transaction? Also, why is it impossible for a new business department to liaise with a redemeptions department to get the correct information in the first place? Why is it that lenders such as Accord Mortgages and Standard Life Bank manage to remember who I am and give me information on my clients but the likes of Abbey and Halifax make my life difficult by hiding behind the Data Protection Act? Is it because they want to cut me out of the loop whereas Accord and SLB get business primarily from brokers? Has anyone tried to fax a signed letter of authority to a lender only to be told, “Fax it again,” or, “Hasn’t been scanned yet. Call back tomorrow”? Lets have some consistency.
Safe Home Income Plans has seen a significant increase in home reversions business. SHIP, which represents over 90% of the equity release sector, says the fact that property price inflation is lower now than in recent years makes reversion products more attractive. New business written in Q3 was 293.6m, 12.5% ahead of Q2. Home reversions […]
Flower director Trevor Youens is leaving the company to join Home Information Pack specialist the Live Organisation, at the end of this month.Youens has been with Flower for four years but says it is now time to move on, and will be joining the Live Organisation, part of the First Title Group, as director in […]
It is a fallacy for small directly authorised brokers to think of themselves as independent as they have no choice but to place business through big providers, says Richard Griffiths
Rooftop Mortgages has launched a suite of stepped light products in response to demand from its packager partners. The suite includes four products. The stepped light plus 90 with one mortgage arrears allowed in the last 12 months with none in the last three months or maximum four CCJs allowed totalling no more than 1,000 […]
Sarah Scott – Marketing Consultant, Royal London This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]
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