First, I’d like to make it clear that it is not my intention in this letter to have a go at the Royal Bank of Scotland – I just want it to see sense.
I applaud some of the recent changes it has made and am pleased it has realised that we brokers are important by bringing out an exclusive 90% LTV product through certain distributors.
But we are seeing a situation whereby RBS is dual pricing at various LTVs.
Under this arrangement it seems brokers will benefit from a couple of products and RBS from a couple of others, so inevitably another slanging match is destined to break out between brokers and the lender.
All most brokers want is a level playing field – no exclusives for us and no lower priced direct deals.
So please RBS and the rest of the lenders that are dual pricing, make things easy for us so we can all get along and build strong relationships in these tough times.