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Red tape lunatics make me want to shout: ‘I’m a broker – get me out of here’

From Brian Humphreys

So all our customers and potential clients are getting hooked up to the internet, eh?

It seems to be
easier to complete a bush tucker trial than to negotiate the red tape involved in mortgage and life
business. I have Halifax promising my client 129,000 then offering only 90,000 because of a poor
credit score. I’m sure we all suffer this. And lending into retirement – don’t get me started on that. I
gave five reasons to Halifax why this would not be a problem (planned overpayments, both clients could
work beyond retirement age, inheritance, downsizing) but it still wanted pension income. Do you know how
much you will receive when you retire?

Then I have Abbey telling me that raising money on a remortgage
to purchase a buy-to-let property is business lending. I am an appointed representative of a life
company which says I must quote income protection every time even if the client doesn’t want it, can’t
afford it, already has it or it is not appropriate (e.g. for a housewife or a buy-to-let purchase).

next? If a client has children must we quote family income benefit?

But the final proof that the
lunatics have taken over the asylum came when I phoned Paymentshield to change the lender on a buildings
and contents policy. There was no change of address – in fact, no other change whatsoever. I simply
requested a change of interested party from GMAC-RFC to Kensington. The operator completed this task in
seconds and said: “This change reduces the premium by 8p per month.” I’m not kidding. How can a change
of lender on the schedule change the premium? I feel like shouting: “I’m a mortgage broker – get me out
of here!”
Brian Humphreys
c/o The Australian rain forest
North Worle


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