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Woolwich pledges to improve funds system

Woolwich has vowed to work with brokers to improve its fund booking service and overcome delays on getting through to its funding desk.

Frustrated brokers have contacted Mortgage Strategy after trying to book funds through Woolwich’s tranche management system.

Ceiron Simmons, mortgage and protection consultant at Colchester-based brokerage Richard Arnold Financial Management, says: “It was just through sheer perseverance that we finally managed to get through to the lender and book funds and the fact that we had four lines trying to do so.

“On the many occasions we were unsuccessful we were informed that funds had gone within minutes of lines opening.”

The Association of Mortgage Intermediaries has now stepped in and raised brokers’ concerns with Woolwich.

The lender has told AMI that it plans to move to a freephone num-ber within three months and is considering ways of updating brokers when funds have gone.

David Finlay, intermediary business director at Woolwich, is keen to stress that it is still open for broker business.

He adds: “We are working with brokers to get their feedback but in the interim we are trying hard to minimise delays.

“We are making every effort to ensure waiting times are kept to a minimum.”

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