The Woolwich has launched its range of retention products to the intermediary market.Intermediaries will be paid a proc fee if they feel the best advice for a customer is to stay with their current lender. The Woolwich says it is the first high street lender to do this. The move will also stop intermediaries needlessly remortgaging clients onto new deals to secure a proc fee. The lender has been running a pilot scheme with Legal & General’s app-ointed representatives since November last year. Martyn Smith, product marketing manager for L&G Mortgage Club, says: “The process is straightforward and provides a way for intermediaries to increase their income.” The retention products allow existing customers of The Woolwich the same rates as new borrowers without the need to remortgage. This also removes the need for valuations and solicitors. The Woolwich says the move is in the spirit of the Miles report which said lenders should make their full ranges of products available to all borrowers. Andy Gray, head of mortgages for The Woolwich, says: “The pilot was successful so the scheme is being rolled out on a national basis.”
Figures released by the Financial Services Authority last week show a number of small mortgage brokers are not up to scratch when it comes to advising on sub-prime. The regulator says it has found too many cases in which firms are unable to show that they had followed the required procedures relating to suitability. It […]
Having worked with the BBC over the past 18 months on a series of investigations into personal loan and associated payment protection insurance mis- selling allegations, I read Peter Mounty’s article in Mortgage Strategy’s August 1 issue with particular interest. My view is that the only way to remove temptation or abuse as the non-corporate […]
From Lee Martin I would like to share a secret with the small brokers out there who struggle to keep up with admin. I use a case management system which not only allows me to monitor the source of my business and helps with the decisions about where I spend money, but also allows me […]
Saffron Walden Herts & Essex has turned to xit2 to provide the online system for its panel manager Legal Marketing Services to manage external valuations.
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