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Barclays appears to be playing cat and mouse game

The system of booking funds at Woolwich has become almost impossible to use.

Having seen a client on Monday evening, I duly signed up for a flexible offset tracker mortgage. Tuesday morning came and within 25 minutes all the lender’s available funds were all allocated.

I explained this to the client and cleared my diary to face the 10am frenzy on Wednesday morning.  

At 9.58am I was told it was too early to book funds and that I could not hold on the phone. At 10am when I called back it was engaged and when I got through at 10.13am I was told that all the funds had been allocated by 10.09am.

My client wanted me to confirm that the funds had been booked so when I called with the news that I had still not booked them he told me he would pop into Barclays to sort it out.

I wonder if this fiasco is really about funds being limited or whether Barclays is playing a game of cat and mouse with brokers.

It appears to be active in the intermediary market but with such tight allocations and clients having no alternative but to go direct if funds are gone, in what way is it supporting brokers?

What we are seeing is an attempt to keep the door open for future broker business while the firm makes a veiled withdrawal from intermediary distribution.

Syd Martin

Finance Planning Group

By email

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