It is clear that Treating Customers Fairly is not embedded in their cultures and their management systems need reviewing if they think this is acceptable.
Where is the Financial Services Authority? If a sole broker suddenly decided to change their fee-charging structure and reduce their lender panel in such a way, in a future issue of Mortgage Strategy we would read about how many thousands of pounds they had been fined by the regulator. So what about lenders?
I have a client whose application had been through the usual packager underwriting process to the point where we were waiting for the valuation report.
Following these withdrawals I will have to tell her that if she wants to proceed she is going to have to pay double the fee and an extra 0.8% on the` rate.
Product withdrawals like this are outrageous and I think the regulator should be brought in to do something about it – otherwise, what is it for?
AMH Mortgage Consultants