From Keith ButlerI read the Star Letter in the May 22 issue of Mortgage Strategy regarding mortgage processing service standards with much interest. If service in general – and the speed at which offers are issued in particular – is part of the process of selecting the most suitable mortgage product as it should be, is there not a need for mortgage introducers to be aware of information such as average time from application to offer? And if so, should there not be an obligation on lenders to provide this to mortgage introducers? The last benchmarking figures I saw showed an average application to offer time for the industry of around three weeks. This is appalling. What do lenders do that requires an average of three weeks? And I ask this not as some naive, idealistic individual but as somebody who has many years’ experience of successfully running mortgage processing operations. Lenders invariably make statements to imply that their offers go out within a few days but the facts rarely support such assertions. So are there any lenders willing to publicly state their average application to offer times and allow these to be independently verified? I await replies with interest. Keith Butler Mortgage analyst By email
- Top trends
Michael Bolton, the controversial former head of mortgages at BM Solutions, con- tinued his vitriolic attack on the packager market last week stating that it was the “clear loser of mortgage regulation”. Bolton, fresh from a two-week break in Barbados, says: “Since Mortgage Day, the clear losers have been mortgage packagers. Their position remains as […]
The dividing line between bending over backwards to help someone buy a home and being an irresponsible lender is getting finer.
Tax experts are urging offshore account holders to seek professional advice before contacting the Inland Revenue with details of their accounts. Over three million UK taxpayers have offshore accounts which until now have paid interest with no tax deducted.
Equifax, a ID fraud expert, has launched a pocket guide to Combating Corporate ID Theft & Fraud providing businesses with an accurate and easy-to-read overview of the risks and solutions.Neil Munroe, external affairs director, Equifax says: Far too many businesses are sweeping the issue of corporate ID fraud under the carpet. When you think that […]
800,000 people are at risk of being over-taxed on their pensions, writes Steve Webb, director of policy at Royal London Hundreds of thousands of people receiving company and personal pensions should check their tax code to make sure that they are not being over-taxed, according to a leading pensions firm. Mutual insurer Royal London has […]
News and expert analysis straight to your inboxSign up