View more on these topics

Northern Rock slammed for service levels

Northern Rock has come under fire for its poor service levels from frustrated brokers who say its current standard for an offer is 28 days.

George Henderson, sole broker of Independent Mortgages & Financial Solutions, says: “As a lender, Northern Rock is reactive not proactive.

“Its case tracking system keeps disabling me with no explanation and its call centre staff can only pass on information and do not seem to be properly trained.

“Northern Rock used to have good service levels before it became aggressive in trying to attract new business and it now comes across as arrogant and without a care for the broker.”

Other brokers say the problems have become so serious that clients are losing their desired properties due to the delays.

Brian Humphreys, mortgage adviser for The Mortgage Shop based in Weston-super-Mare, says: “I am being made to look incompetent by Northern Rock because my clients have already lost one property and may lose another.

“I dont know what happened to responsible lending and the delays on instructing valuations are appalling.”

Ron Stout, spokesman for Northern Rock, says: “In common with other major lenders, we have experienced service issues during the past year. There is no doubt that pressure points can occur when business levels are demanding.

“We are ready to face up to criticism if things go wrong and recognise that there is always room for improvement.

“We will continue to invest heavily in people and systems to ensure that brokers and borrowers benefit from a service that makes the whole process as smooth as possible.”


Charcol says use your mortgage to pay for Christmas

With consumers due to spend 813 each on Christmas this year, Charcol is advising people to remortgage to cover the cost. Charcol has calculated that over 3 million borrowers could pay for this years festivities just by moving away from a lenders uncompetitive SVR. These borrowers are potentially wasting a staggering combined total of over […]

FSA attacked for axing Reasons Why letters

The Financial Services Authoritys decision to scrap Reasons Why Letters was attacked at the Council of Mortgage Lenders annual conference today.Ann Foster, chair of the Financial Services Consumer Panel, which operates independently of the FSA, says: “It is lamentable that the FSA is not saying that brokers have to do Reasons Why letters and I […]

Bank freezes interest rate at 4.75%

The Bank of England has today frozen the UK interest rate at 4.75%.The rate hold was expected by most industry pundits and has been welcomed.John Cridland, deputy director-general of the CBI, says: “The Bank was right to leave well alone this month. Interest rates must be held until confidence returns to the economy.“Consumers are extra […]

Bank of Ireland reduces three year fixed rates

Bank of Ireland Mortgages has enhanced its range by reducing rates on selected three year fixed mortgages.The new standard residential rates are, 4.99% fixed until 29/02/2008 up to 95% LTV, or loans up to 1m.With 5.49% fixed until 29/02/2008 up to 70% LTV, for loans over 1m.Additionally, BIM has reduced the rate on its three […]


News and expert analysis straight to your inbox

Sign up