View more on these topics

It’s time for the FSA to look into lenders’ service levels

Name and address supplied

I’d like to tell readers about the poor service I recently received from Northern Rock (all within 24 hours).

A Together DIP was carried out for my clients and sent for referral for increased income multiples.

I received a call confirming the loan had been agreed and that my clients could borrow more than they initially wanted, which was fantastic as they wanted to hold some of their own funds back for home improvements.

I then called Northern Rock to request the KFI for the case and was told that the case hadn’t been agreed and would need to be referred.

I called again later in the day and was told again that the full loan had been agreed, so I requested a KFI with the clients sat in front of me.

As the clock ticked to 5pm the phone line went dead, mid-KFI.

The next day (still within 24 hours) I again called Northern Rock and found that, amazingly enough, the loan hadn’t been agreed but the person I spoke with could override the system and produce a KFI for me. This was done at last.

Thankfully the case isn’t urgent as yet but this is yet another example of lenders providing poor service while expecting business from brokers.

Being told on two occasions that a loan has been agreed only to be told in subsequent phone calls that it hasn’t is time consuming, frustrating and worrying.

It’s time for the FSA to examine lenders’ service levels.


Report slams call centre conditions

An independent report has slammed Indian call centres as modern day sweatshops comparable with Roman slave ships. The study into working conditions in centres, compiled for the Indian government by the Delhi-based National Institute of Labour, accuses managers of bullying staff and creating a climate of fear. It says centres offer little job security and […]

Buy-to-let SIPP deals unveiled

Paragon Mortgages and Mortgage Trust are offering intermediaries tailor-made self invested personal pension mortgage products for buy-to-let investors. The lenders are inviting brokers to join a select panel that will introduce the range. The products come in response to a recent survey by Mortgage Trust that found 65% of mortgage intermediaries expect the introduction of […]

Lack of client knowledge sparks concern over TCF

Consumers are struggling to understand mortgage terminology and products, causing concern over the products they are being advised to buy. The latest One Specialist survey by BM Solutions finds that nine out of 10 brokers believe consumers have no idea what the London Inter Bank Offered Rate is and what it entails. This statistic in […]

Morgan Stanley rumoured to be looking to buy Advantage

US giant Morgan Stanley is rumoured to be looking to buy Advantage Home Loans in a deal to be announced this December.One source tells Mortgage Strategy that Advantage is looking to be bought by Morgan Stanley, or possibly another lender.Keith Dearling, founding partner at Advantage, will not comment on the Morgan Stanley rumour but says […]


News and expert analysis straight to your inbox

Sign up