View more on these topics

Complaint against Connect proc fee payment is not valid

In the September 15 issue of Mortgage Strategy a letter from Laraine Adams criticised the service she had received from Connect Mortgages.

I thought it only right to give our side of the story. First and most importantly, Adams was paid 11 days after payment was received from the lender. This is five days outside our normal terms – hardly a lengthy delay, although we apologise for it.

The payment-on-offer proc fee promotion that Adams referred to regards a Halifax payment. Halifax pays all distributors on or around the 16th of each calendar month for the previous month’s completions, so it is normal to wait around a month post-completion for the lender’s proc fees.

Adams states that she is still waiting for payment but in fact she has received it as well as all other outstanding payments on our system.

For the past five years we have successfully operated our own automated payment system, which has been regarded as one of the quickest in the market.

Unfortunately we have had problems with the software and as a result have been making manual payments for several weeks. This has resulted in some delays.

We have kept customers up-to-date with progress and will be back to normal by the end of next week.

But we don’t owe Adams anything. Despite her complaints all outstanding payments have been made.

Tony Webster

Chief executive officer

Connect Mortgages

By email


Your Broker Network offers help to mortgage brokers

Following the recent closure of some packagers within the sub-prime market, secured loan packager Your Broker Network is opening its doors to mortgage brokers who are unable to place business.

Spare a thought for staff affected by US giants’ fall

I read with interest the cover feature about the US Federal Reserve’s rescue of Fannie Mae and Freddie Mac in last week’s Mortgage Strategy. It put me in a positive mood about the future as I began the working week.

Money Partners increases rates

With effect from Wednesday September 24 2008, all Money Partners interest rates will increase by 0.75% and lender completion fees by £750.

FSA cracks down on short selling

The Financial Services Authority has introduced a new provision to prohibit the shorting of publicly quoted companies from midnight tonight.


News and expert analysis straight to your inbox

Sign up