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Mortgage Lender Criteria Changes

Woolwich has just announced that loans over £1m will be priced individually in a move that has come out of the blue.

It is disappointing that they have made an important change in policy somewhat on the quiet without publicising to brokers immediately.

We had a client who had a full KFI, a full application submitted and were not advised until very late in the process that the terms had now changed and the rate would be higher. This is hardly in the spirit of TCF.

Lenders have to be aware that with proper notice brokers can assist lenders with changes and ensure that clients expectations are met. It is an easy way to avoid negative press and just common sense.

posted @ Friday, March 07, 2008 12:01 PM | Feedback (0) |


MfB partners with Commercial 1

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One of the fundamental questions asked by commercial lenders when assessing loan applications is whether the business is profitable and represents an acceptable risk.

N&P names eco winners

A Brighton couple who transformed a derelict builder’s yard into an eco-friendly home have won Norwich and Peterborough’s 2008 Eco Self-Build competition.N&P praised Jackie Strube and Alan Stone for creating a home that combines clever design with environmentally friendly performance.The couple’s single-storey, two-bedroom timber frame home is insulated with sheep’s wool and covered by a […]

Cricket - thumbnail

England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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