View more on these topics

Woolwich accused of fee delays

Brokers are experiencing serious delays in the payment of procuration fees from The Woolwich.

In the worst cases, brokers have still not received payment for cases that completed in May. At least two national broker organisations – who do not want to be named – have complained to The Woolwich.

In a memo to The Woolwich last week, one said its members were still awaiting payments for mortgages completed in September and describes the delay as “unacceptable”. And a source at another network told Mortgage Strategy: “Some cases we have chased 14 times. The Woolwich has admitted problems making payment, which it attributed to IT problems.”

But Perry Jones, a spokesman for The Woolwich, says the lender is unaware of a problem: “It is something we would treat very seriously, but I think payments have been processed as usual. We would like to look at these allegations because they sound rather inaccurate.”

Jeremy Reed, partner in a mortgageforce franchise on the Isle of Wight, says: “We&#39ve got fees from The Woolwich outstanding from completions in May and it&#39s a big problem. It would be fair for the fee to leave the lender to the franchise company within two weeks – but five months is ridiculous. How would The Woolwich feel if borrowers didn&#39t make a payment for five months?”

Rob Clifford, managing director of mortgageforce, says: “We have several lenders for whom late, delayed or lost payments are all too frequent – and that includes The Woolwich.” Andy Wilgoss, managing director of Square Mile, says: “To delay paying procuration fees will do nothing to help The Woolwich win back the confidence of brokers.”

Recommended

Number of Brits with £25,000 increases by 30%

The number of people in the UK with £25,000 or more in liquid assets has increased by a third over the last five years, as the two-year bear market was more than offset by the broad effects of the rise in property prices. These figures are from Inscape, Abbey National&#39s wealth management service, and the […]

MP set to fight landlords&#39 corner

Plans for the licensing of private rented accommodation have been revived by the government with lobbyists pushing for the licensing of houses of multiple occupancy (HMOs) in the next Parliament.Speaking at the October meeting of the Small Landlords Association, lobbyist Ron Bailey reaffirmed several MP&#39s intention to pass a bill that could see local authority […]

FSA chooses from AIFA menu

The FSA&#39s decision to drop its defined payment system should help “more than three quarters” of IFAs to remain independent, the Association of Independent Financial Advisers says.The FSA announced it is dropping the proposals outlined in CP121 for AIFA&#39s “menu” approach to fee disclosure last week. It gives IFA clients the option of paying by […]

New CML review of the Northern Ireland housing market

Northern Ireland continues to have the highest proportion of homeowners in the UK at over 72%, according to the 2002-2003 edition of the Council of Mortgage Lenders&#39 National Markets Review. However, the overall size of the Northern Ireland market is small compared to the UK as a whole. Just 3% of all mortgages in the […]

Health Shield logo - thumbnail

Health Shield launches new and improved health and wellbeing benefits

As part of its commitment to help even more companies improve employee wellness and productivity, award-winning health cash plan and wellbeing provider Health Shield has announced a raft of new and improved health benefits. From early diagnostics, detection and screening services to rehabilitation and the extension of home care support to parents, Health Shield’s range […]

Newsletter

News and expert analysis straight to your inbox

Sign up