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Brokers warned over inaccurate applications

Consumer website is warning borrowers that applications submitted with insufficient supporting information or poor credit history are likely to be rejected out of hand.

The comparison site today advises would-be borrowers that they will need to double check their applications if they are to stand a chance of getting a mortgage at competitive rates even if they have had no difficulties in the past.

Richard Brown, chief executive, says: With a predicted 30% shortfall in available mortgage funds borrowers need to understand that they are now in competition with others. The successful applicants will be those who make the best job of selling themselves to the lender.

Borrowers will have learn how to present their cases to the lenders, and it will no longer be good enough to submit an application with half the information missing. says mortgage borrowers looking to switch existing loans or those new to the market will now have to wise up and think like brokers in order to be in with a fighting chance of a loan.

The website has published 10 tips to help borrowers adapt to the new credit environment. Suggestions encourage consumers to consult a broker and also to be realistic about the rates they are likely to receive.


Weighing up the benefits of grants

Continuing my theme of grants from last week, I’d like to remind readers of the Financial Services Authority’s requirements when considering the suitability of equity release transactions.

PI overhaul threat to brokers

Brokers have been warned they could risk losing millions of pounds thanks to an overhaul of professional indemnity clauses by policy providers.

Co-op profits fell by £26m last year

Co-operative Bank saw a £26m decline in its operating profits last year after being forced to write down £31.8m worth of investments. The bank’s results for 2007 show pre-tax profits dropped to £50.4m from £76.3m in 2006. Excluding write-downs, the bank’s profits increased from £76.3m in 2006 to £82.2m last year. The bank is part […]

Leading questions in a time of crisis

Lead generation companies are in the spotlight as an increasing number of desperate consumers seek advice but brokers should use them with caution, says Sally Laker


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