From Dave King
It has long been a bone of contention among my colleagues and I when arranging remortgages that obtaining information from previous lenders is at best a joke. Lenders want to charge us up to £50 per question or refuse to give us the details, even though we arranged the mortgage initially. There are frequent mistakes even when the information has been released.
Imagine my surprise when, armed with the client's previous mortgage statement and signed information mandate, I telephoned The Woolwich for redemption figures. It had been suggested that I pose as the client to obtain this information by telephone so that my task may be made easier. No need, however, to resort to such illegal skullduggery. After pressing the usual buttons, I was asked to insert my mortgage account number and was then told (electronically) the amount outstanding, the monthly payment and the interest rate. So much for the Data Protection Act then.
It still amazes me that some lenders are unable to release sensitive information when requested correctly, yet others happily reel off information without knowing to whom this knowledge is being released.
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