View more on these topics

Halifax reinstatement policy is branded unfair

Halifax has been accused of treating customers unfairly by not supplying reinstatement costs on its purchase valuations as standard.

Danny Lovey, sole broker at The Mortgage Practitioner, says that by not giving reinstatement costs on level one valuations as standard Halifax is not only falling foul of the Treating Customers Fairly initiative but could also be being anti-competitive.

Although the lender supplies this information on its level two and three valuations, customers can only receive it on a level one valuation by paying an extra 50.

Halifax argues that an increasing number of insurance companies use indexed property valuations based on number of bedrooms, and that it provides insurance cover irrespective of reinstatement costs.

Lovey says “Consumers can only have choice if they are provided with the rebuilding cost. Then they can check the market and make the choice that is right for them.”

Rob Griffiths, associate director at the Association of Mortgage Intermediaries, says: “If this is happening, we would agree that lenders should not withhold this information. It is probably not in the spirit of TCF to do this, especially when a customer has paid for a valuation.”

Paul Fincham, spokesman at Halifax, says: “We have simply adopted an approach that gives consumers a choice regarding the breadth of the information they need.”

Recommended

Complete adds Salt to lender panel

Complete Mortgage and Loan Services has added Salt, the Derbyshires specialist lending brand, to its lender panel A Salt underwriter will work in-house at Completes premises enabling fast decisions and service. This latest addition brings Completes packaged lender panel to a total of 31 lenders.Complete will be offering Salts innovative range of sub-prime and self-cert […]

Detached property shortage sparks price rise, says Linden Homes

The severe shortage of detached family homes in the UK has resulted in an average 6% price rise, compared to a 2% rise in apartment prices over the last 12 months, reports Linden Homes. As apartments continue to dominate the new homes market the detached family home becomes even more sought after, as families with […]

Online service launched by Co-Owenership Housing Association

Northern Ireland Co-Ownership Housing is now making it easier for potential first-time buyers, vendors and estate agents to access information on co-ownership through the launch of a range of new online information services. Alan Crowe, chief executive at the Co-Ownership Housing Association, believes the new website will be a valuable resource for all those in […]

MS unearths legendary Montlake album

In a moment equal to when the lost John Lennon recordings were rediscovered, Mortgage Strategy has unearthed a copy of Cobalt Capital partner Andrew Montlake’s legendary lost album The Temple Sessions. One of the 10 CDs that Montlake made in 2000 arrived at Mortgage Strategy’s offices last week. The album is a series of romantic […]

Newsletter

News and expert analysis straight to your inbox

Sign up