From Steve Neale I recently met a client looking to buy a property, whose current mortgage is with The Woolwich tied on a fixed rate until June 2006. It made sense to stay with it until the rate expired and review the mortgage then. The new mortgage amount meant a stretch of income was needed so I rang my BDM who told me to ring an underwriter. I did this, explaining the need for an income stretch (19 years of mortgage experience tells me to be specific when discussing incomes) and was told the stretch would “not be a problem”. So I submitted the case only to receive a letter a few days later saying it was unable to offer the full amount, even though the case had been discussed with an underwriter. The Woolwich has a tape recording of my discussion with the underwriter (I bet when this complaint reaches the regulator the tape is lost or deleted) and claims the conversation is invalid because I did not get an AIP number. As my clients had not had the property sale agreed, I did not want a search carried out that day. So The Woolwich underwriters can say yes to anything over the telephone. As well as spending time meeting my clients and filling in forms, what infuriates me is the loss of credibility in my clients’ eyes. If any of your readers have stories where The Woolwich has promised to accept a case, only to refuse it when it receives an application, I would welcome their comments.
The Parliamentary All-Party Group for Building Societies and Financial Mutuals is to conduct a short inquiry into the true cost of demutualisation. The Group will hold three hearings in November, during which evidence will be taken from witnesses from within, and outside, the mutual sector to determine whether customers of demutualised companies are now paying […]
Network Data has launched a proposition for directly authorised brokers. It offers a range of benefits including access to exclusive mortgage and insurance products and free access to Network Data’s mortgageLink software which includes integrated access to the Mortgage Trading Exchange. Registration is free and also includes free software training courses and business development workshops, […]
The government is to invest over 32m in developing ways to tackle homelessness. The Homelessness Innovation Fund is part of the government’s strategy to cut the number of households in temporary accommodation by 50% by 2010. Funded schemes across England are expected to reduce the number of households in temporary accommodation by 4,000 and prevent […]
Infinity has appointed two business development managers to its sales team.Abi Williams joins from igroup, and Ed Coss from London Scottish Group. Williams area will be South London, Surrey, Kent and Sussex, and Cosss area will be North London, Essex and East Anglia.Williams has worked in the mortgage industry since 1997 and prior to igroup […]
By Sarah Scott, marketing consultant On 22 February this year the charity Diabetes UK launched a fundraising initiative, #Swim22. They challenged individuals to swim 22 miles over the course of 89 days – a distance that equates to the width of the English Channel. Because of the time period the challenge is spread over, it […]
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