But I didn’t really have an opinion on this until I became another statistic and couldn’t appease Abbey’s fast-track team.
We suffered as we arranged a mortgage for a pilot, and if you’ve ever arranged a loan for air crew you will appreciate that they get six or seven different income streams on each payslip.
We added a number of these together as the client said they were guaranteed and this caused us a world of pain.
We have now had our proc fee removed as the salary we keyed in online didn’t match the payslip – Abbey is only taking the salary into account and ignoring the guaranteed allowance.
This case is 1 x income with an LTV of 50%. It fits like a glove on affordability and as the client services and repays all his credit each month, he got a top score.
If anything, I feel I should get paid a double proc fee for all the time I have wasted sending in documents again and again. At the moment I am out of pocket and not happy.
It’s time that we, as an industry, took a stand and, just like the legal firms that are happy to fight for clients and their alleged mis-sold payment protection insurance, form an alliance to chase lenders for the non-payment of proc fees on behalf of brokers on a no win, no fee basis. Any takers?