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) |