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Woolwich revamps online case booking system

Woolwich is revamping its online case booking system so intermediaries will no longer have to wait until midnight to book funds.

Woolwich allows brokers to reserve products by securing funding online, which is currently released at midnight seven days a week. Brokers say they have to submit cases at midnight to have any chance of securing funds. But from April 2, intermediaries will be able to secure funding from 10am daily.

The lender is also splitting its single tranche of funding into residential mortgage cases and buy-to-let cases from April 2 and is removing the funding limits for mortgage networks and clubs.

Currently, networks and clubs are allocated a certain amount of funding, depending on size and past case quality.

This means an intermediary who submits cases through a particular mortgage club might be left disappointed if all the funding for that entity had
been used.

Under the new system, intermediaries will be able to complete the deal through the distributor of their choice.

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Comments
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  • simon bucknell 28th March 2012 at 1:00 pm

    anyone who continues to a) use Woolwich and then b) complain is a fool

    i thought our job was about advising and recommending.. if you are recommending a mortgage purely on rate then you are only doing half a job

  • Caroline 28th March 2012 at 12:44 pm

    Getting funds is just the start of the fiasco. I eventually managed to book funds at midnight on the 15th, the full application was keyed and acknowledged on the 19th and the supporting documentation was immediately faxed over. I have been told by the underwriter that it will be looked at on the 29th. My advice is dont use this Lender unless you absolutely have to

  • Warwick Tidy 28th March 2012 at 11:00 am

    What can possibly go wrong!!

  • Bobby 28th March 2012 at 10:11 am

    Who ?

  • Ballbag 28th March 2012 at 9:57 am

    What a lot of nonsense. I’ve been trying to book funds for a case since last week, including the weekend, now I’ve placed it elsewhere and won’t bother with them again.

  • Rachel L 28th March 2012 at 9:57 am

    Well done Woolwich! a lender who listens to the broker, thanks for the great products and supporting us with no dual pricing!