View more on these topics

IMLA not convinced about benefits of seller&#39s packs

Intermediary mortgage lender trade association IMLA has announced its concern at government plans to introduce seller&#39s packs.

IMLA says it is unconvinced that seller&#39s packs will provide any real benefit to consumers and are surprised by the government decision in the Queens Speech to reintroduce them. In the past IMLA pointed to the likelihood of increased costs for the consumer and likely poor service as reasons why the decision should be reconsidered, recommending that technological innovations were the best way to improve the home-buying process.

IMLA Chairman Tony Ward says: “Following the concerns raised over the compulsory use of seller&#39s packs some two years ago we are somewhat surprised that they have made their way back onto the political agenda without apparently addressing any of those concerns. We continue to favour a technological solution and support more investment and focus on e-conveyancing developments, which we believe will provide greater benefits.

“Until we have clear evidence that the seller&#39s pack will provide any real benefit to homebuyers, IMLA will remain firmly against their introduction.

Recommended

Brokers urged to check exclusives aren&#39t &#39cons&#39

Nick Baxter, director of Mortgage Promotions, says brokers should vet exclusive products to check they do not simply pay better procuration fees without adding true consumer value.Baxter&#39s comments come amid claims from some parts of the industry that exclusives through distributors are a con, chosen by brokers at the expense of consumers who would do […]

Abbey off lender panel

Abbey National has been thrown off the lender panel of Northampton-based mortgage brokerage Homebank, which claims Abbey is cross-selling insurance to its clients.Homebank managing director George Dodds says: “We have had a good relationship with Abbey National, but its continued cross-selling of buildings and contents and accident, sickness and unemployment policies to our clients, means […]

Platform Home Loans wins award

Platform Home Loans, a subsidiary of Britannia, has won the Your Mortgage award for the best non-standard lender for the fifth year in a row. PHL has won the award for consistently delivering quality products and service in the non-conforming market. The award is a valued addition to the numerous awards that PHL has won […]

IFA Promotion releases homeowner guide

IFA Promotion has produced a free guide offering homeowners advice on how best to protect their investment from potential changes in the housing market. House prices have risen around 85% over the last five years, with the average UK house now costing over £110,000. While those who bought early will have seen a sound return […]

Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]

Newsletter

News and expert analysis straight to your inbox

Sign up