View more on these topics

Brokers failing to follow up client cases

A shocking 40% of HBOS’ remortgage business is submitted by brokers who did not place the original deals.

Nigel Stockton, managing director of HBOS Intermediaries, says this is a worrying statistic given the prevailing market conditions.

He says: “To succeed in the current climate brokers need to revisit existing clients.”

The revelation follows a Mortgage Strategy straw poll conducted in December, which revealed that only 68% of brokers planned to review client cases over the Christmas holidays.

Bob Singh, director of Chess Financial Services, says: “Brokers who do not have review systems in place to contact their clients when deals expire are disadvantaging their customers.

“They could also lay themselves open to potential claims for failing to adhere to the Financial Services Authority’s Treating Customers Fairly initiative.”

He adds: “It’s just bad business practice not to review your client databases, not only in terms of TCF but also from an income perspective. After all, 2008 is likely to be biased towards remortgage business.”

Meanwhile, HBOS has regained its position as the UK mortgage market’s number one lender.

Its full-year results for 2007 reveal that its market share shot up from 8% six months ago to 22% by the end of December.

But the lender reiterated its commitment to profitable growth rather than market share when announcing the figures.

Recommended

KRS and Ipswich join forces

Ipswich and Key Retirement Solutions have launched an equity release partnership. This means all of Ipswich’s equity release customers will be introduced to the specialist broker for advice.

Conti expands partnering with Anchor Mortgages

Conti Financial Services and Anchor Mortgages have entered into partnership as a part of Conti’s 2008 expansion plans. The two firms plan to rebrand and launch a new fully interactive website for clients and brokers in addition to providing mortgages for foreign nationals purchasing property in the UK, and foreign currency mortgages. The increased staff […]

Read small print on long-term deals

There are some attractive long-term fixed rate products available but brokers and consumers must not assume that such deals are as portable as they first appear, says Katie Tucker

Leadpoint discounts all remortgage lead packets

LeadPoint is discounting all remortgage leads through its lead packets service. The offer applies to all mortgage lead buyers who sign up to LeadPoint by the end of next week. The discounted remortgage leads can be filtered by postal area, loan amount, credit grade and LTV. Nick Chapman, managing director of LeadPoint UK, says: “Remortgage […]

thumbnail

What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.

Newsletter

News and expert analysis straight to your inbox

Sign up