From Simon FisherIt’s about time lenders were made to pay for wasting our time. My experience last week with The Woolwich was frustrating and costly. My client owns a property his mother lives in and wanted to increase the mortgage with the potential to drawdown 20,000. I checked the intricacies of the case with the intermediary support centre, as I can rarely get hold of my BDM and they said the lending guide confirmed the case fitted criteria. I made an appointment to visit the client to sign up, which meant travel time of almost four hours. By the time you take into account the initial phone call and packaging the case, I probably spent around five hours on the application. So imagine my horror when I got a call from a senior underwriter saying the case was outside policy as remortgages were not available for properties occupied by a dependent relative.Now I’ve got to spend another five hours resourcing and placing the deal. Could The Woolwich please pay me compensation of 245 for the time I wasted due to its error, in lieu of the proc fee I would have received?
Lifetime Insurance Mortgage Experts now offers a secured loan service, in partnership with Norton Finance. Secured lending grew in 2005 to an all time high of 8.9bn in August, and the number of people choosing a secured loan as opposed to a further advance or remortgage has also risen. LIME says many clients are tied […]
From Steve Langrick I always enjoy the letters pages in Mortgage Strategy and last week’s offerings (October 31) were better than most. Particularly Deirdre McManus and her posse of BDMs waiting for our call. I registered on Bristol & West’s broker site in August and received an email to confirm my registration. Did I then […]
Infinet, the first web-based full mortgage administration system from Infinity Mortgages has been launched. The solution is based on edgeConnect developed by edge IPK, the Open Presentation Platform provider. It delivers a complete mortgage operation from front office point of sale through to back office administration.The Infinet project has been fundamental to Infinity Mortgages securing […]
Senior figures from the mortgage industry met the Association of Mortgage Inter- mediaries last Wednesday to discuss how Home Information Packs will affect business and the housing market. The meeting was arranged in light of the publication of draft government regulations on October 31 that set out the cost and contents of HIPs. Ben Stafford, […]
The world around us is changing at a faster pace than ever. Generations are changing and over the next five to 10 years the graduates who have grown up with Facebook and Twitter will start to lead corporate UK and expect modern technology as a matter of course.1
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