Woolwich boosts daily tranche level

Woolwich has increased the level of tranche funding available through its fund booking line to an estimated daily tranche of £65m.

The broker arm of Barclays has been facing down a broker backlash in recent weeks over its decision to channel funds to its top 10 distributors and brokers through a fund booking line.

Brokers have previously complained to Mortgage Strategy that it is difficult to get through to an operator when trying to access funds, only to be told that funds have already been allocated when they do eventually get through.

Woolwich has now decided to up the daily funds available through the tranche management system from about £50m to an estimated £65m.

The lender does not release official figures as to the level of funds available.

A spokeswoman for Woolwich says: “It’s just a case of reviewing the market.

“When we are able to up funds we will do, and it is something that we are regularly monitoring.”