View more on these topics

John Charcol scraps fees-free arm

John Charcol is scrapping its fees-free telephone service Charcol and is merging the business under the single John Charcol brand.

The brokerage maintains that it will stay independent and from now on will charge £250 for each case it completes.

A spokesman from John Charcol says that the current economic conditions warrant the need to charge fees for all the services it provides.

He says: “We have decided to amalgamate our two businesses into one operation – John Charcol.

“It does take, now more than ever, an increasing amount of effort and time to maintain a professional, highly skilled sales force with the appropriate degree of training, assessment, supervision and monitoring to ensure our high standards are continually maintained.

“In addition, unlike some other brokers, our service does not end when the application is signed. It is offered up to completion and indeed well beyond.”

The spokesman adds: “It is a professional service for which a fee should be paid. Up until now, some of our fees were currently paid on a size and size alone basis.

“In reality, particularly in this market, it should be based on size and complexity.”

The decision comes just six months after the brokerage relocated the service to London from Brighton in an effort to cut costs.

Recommended

BSA reveals gross mortgage lending at £2.4bn

Gross mortgage lending by building societies fell by £1.27bn during the course of 2008, the latest statistics from the Building Societies Association reveal.

Matthew Wyles appointed CML chairman

Matthew Wyles, group distribution director of Nationwide has been appointed chairman of the Council of Mortgage Lenders for 2009.Martijn van der Heijden, head of mortgages at HSBC, and John Heron, managing director of Paragon Mortgages, have been appointed as deputy chairmen.Wyles, says: “The UK mortgage market will be facing some uniquely challenging trading conditions during […]

We may as well let Nick Leeson hand out bailout cash

I am aware that readers might be getting fed up of me raving on about the lack of direction some banks are receiving from their new owner UK plc, but I hope they will forgive me for mentioning the following incident.

Champion the small-scale developer

Traditional development finance must price in project and liquidity risk, but if your project is completed and you have begun selling units you could be eligible for cheaper funding, writes Matthew Tooth of Lendinvest. A product which prices purely for liquidity risk is one way to help developers lower their costs. This type of product allows […]

Newsletter

News and expert analysis straight to your inbox

Sign up