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Woolwich reduces funding tranches for broker deals

Woolwich has reduced the funding tranches for its intermediary mortgage products after receiving exceptionally high demand.

The lender, which allows brokers to reserve products by securing funding online, says it has received high demand recently because other lenders have repriced upwards, making its products more competitive.

In order to manage demand, it has reduced the tranches available to brokers for a temporary period.

Mortgage Strategy understands brokers have been struggling to secure funds in recent days.

A spokeswoman for Woolwich says: “We are currently receiving huge demand for our products and have therefore decided to reduce our tranches for a few days to manage this demand.

“We have no current plans to increase the rates on our products.”

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Comments
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  • colin 15th March 2012 at 4:48 pm

    same sh@t different day……increased rates and still no funds available.

    Dilema…waiting to get funds for client via woolwich as have been since Monday or go for the next best deal…Nationwide within the next 15 mins as they just advised they are hiking their rates by 0.2%.

    Oh the joys….one lender advertising rates you can t get another giving 45 mins approx of a rate withdrawal!!!!!!!!………committed to intermediaries!!!!!!

  • Jeff 15th March 2012 at 12:10 pm

    Linda | 15 Mar 2012 0:36 am

    They haven’t run out of funds! They just don’t want to lend on their current mortgage criteria (i.e. the rush away from other lenders of which they see themselves as out of step) and this is their fastest way to stop doing it….

  • Linda 15th March 2012 at 12:36 am

    All I can say is what a JOKE! I wonder if the public had a hint they had no FUNDS whether they would end up with mass panic similar to Northern Rock. I can think of better things to do at midnight like SLEEP!

  • Neville Norman 14th March 2012 at 4:11 pm

    I hit the button at 12.00.01 am to book funds last night after 2 unsuccessful daytime attempts. Guess what? All funds had gone!
    We call Woolwich a virtual lender. What’s the point of having decent products which are not available. Cynical or what? I bet the branches had funds.

  • colin 14th March 2012 at 9:31 am

    oh well…tried again last night at 01.56am….all funds allocated……assuming there were any made available.

    Now got cases i ve quoted on ready to submit…and guess what they are being withdrawn!!!!

    Very frustrating…

  • Dicko 14th March 2012 at 12:22 am

    Has anyone just tried to book funds this week and been successful? I’ve just tried at 12.10 and no joy. It’s an absolute joke!!!

  • Roger Travis 12th March 2012 at 6:17 pm

    I think the point everyone is making is that “whats the point of having a rate which is not accessible”. For a lenders reserves to run out within minutes obviously means that demand is high and they should increase rates, rather than just dangling the carrot.

    Where is the TCF in telling a client a rate is there, staying up 4 nights on the trot till gone midnight to try and reserve it, only for the product to be withdrawn and the client loses the rate – they could apply themselves and secure it.

    What would happen if a client made a complaint against us for not booking funds and the rate is lost and NOT MAKING THE APPLICATION? Is it defendable?

    Whilst the online system when it works is great, this harps back to the days of phone booking when funds went within seconds of 9am, 10am and 11am.

  • Jane Jackson 12th March 2012 at 5:17 pm

    GREAT!! am realy looking forward to midnight tonight to see if I can get some!

  • colin 12th March 2012 at 1:56 pm

    jason, definitely fair points re dual pricing etc, the problem is purely that its now impossible to manage client expectations as we don t know if and when we maybe able to get the rate reserved.

    Clients will not understand the intricate details of fund booking…….and should the proverbial hit the fan its brokers that will look shoddy in the clients eyes.

    Pity all those Barclays Advisers that are unable to get cases away as they can only advise on Woolwich mortgages and can t get funds booked!!!!!!!!….at least we can consider other lenders!!!!………LOL……..oh silly me i m sure they can still get funds

  • Jason Hegarty 12th March 2012 at 11:10 am

    Some people here have incredibly short memories. Which lender was supporting us when all other lenders all but shut up shop in 2008 & 2009? Woolwich were there throughout those dark days supporting the intermediary market and I suspect allowed some of you to keep you job or remain in business. Woolwich do not dual price and as far as I can see are trying to adapt to market conditions whilst not turning off the tap completely.

    Its incredible to think that most lenders recently have priced upwards, removed their products completely (Accord) and continue to dual price yet it is Woolwich who are getting moaned at for not repricing and continuing to offer highly competitive products and are being threatened with a boycot (BBOFP).

    Honestly some of you don’t know you have been born.

  • Roger Travis 12th March 2012 at 10:44 am

    Same here – tried via Sesame last 3 nights at 12am; 12am and 2.30am – but no funds available.

  • Marky P 11th March 2012 at 2:13 pm

    Jon T, you are not the only one who has no social life due to having to jump through hoops to get a mortgage secured & submitted before the deal is gone – I also booked funds @ 12.05am with woolwich and am also processing cases on a sunday!!

  • shock horror 10th March 2012 at 3:07 pm

    Colin – that’s what I am saying, cases in still take forever and you may not get funds for the rest? So no action has been taken on cases taking ages, you just additionally struggle for funds now as well?

  • BBOFP 10th March 2012 at 12:08 am

    Just tried to book funds for a remortgage at the stroke of midnight. I tried the four different payment routes available to me – L&G, PMS, Paymentshield and Paradigm – and NONE of them had funds literally seconds after midninght.

    Absolute disgrace Woolwich, you’re already terrible reputation gets worse by the day.

    Having already spoken with my clients about the deal, they were keen to proceed.

    I am certain that if they walking into a Barclays branch they would be given the funds no problem, so while they maintain they don’t have dual pricing, they certainly do have double standards.

    They are an utter disgrace as a lender and I am thinking very strongly about whether I ever use them again.

    PULL THE RATES, OR LET US BOOK THE FUNDS.

  • Mukesh Patel 9th March 2012 at 3:39 pm

    i just had a case offered which was submitted end of Feb. I did not have to wait for the mortgage offer which arrived yesterday.

  • Jon T 9th March 2012 at 2:04 pm

    Am I missing something here? Perhaps I’m the only one here who doesn’t have a life, but if I want to book funds with Woolwich, I wait until the stroke of midnight, and then go online to do so. It’s just like what the kids have to do when they book their tickets to see Lada Gaga. Oh, the joys of mortgage brokering in 2012…

  • Colin Payne 9th March 2012 at 1:18 pm

    I’d rather they just pull the deals… at least you know exactly where you stand. This halfway house just doesn’t work…

  • colin 9th March 2012 at 1:16 pm

    anon…..12.32

    not strictly true….as if you can t get the funds booked you don t even have a case!!!

  • shock horror 9th March 2012 at 12:32 pm

    Has there ever been a time in history where Woolwich could cope with demand?

    So now your case will still take forever and you might not get the funds either.

    Well done Woolwich!

  • colin 9th March 2012 at 12:29 pm

    reduced the tranches ??…..shut it down completely more like. My network(L&G) has had no funds for the last three days…….very frustrating that i ve cases on my desk i ve quoted clients for that I cannot now progress.