In a move that many mortgage brokers and advisors may indeed emulate, a senior spokesperson for Coventry Mortgages has said it should be a logical step for the firm to make a pledge against mortgage deals with linked products.
When talking about mortgages, linked products are extra items, such as life insurance or savings products, that a mortgage lender requires a customer to sign up to if they are to qualify for a certain promotional deal or interest rate.
According to a report on Which4U, Sales and https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpgeting Director for Coventry Mortgages, Colin Franklin, said that in the interest of mortgage advisors giving the best advisor to their customers, it makes sense to pledge not to make such requirements of the client as in many cases these can be products that the customer does not need, thereby wasting their money.
Mr Franklin commented:
“We were the first lender to make public commitments to the sector and we have remained true to them throughout the economic downturn.”
Three years ago, in 2007, Coventry Mortgages made a number of commitments to mortgage intermediaries regarding particular practices the firm would not do.
In other news, the intermediary division of Coventry Mortgages recently announced a number of new residential and first time buyer mortgages, included a 2 year fixed rate mortgage with an interest rate of 5.85% available for up to 85% loan to value.
Those taking their CeMAP training round Birmingham may well find themselves dealing with the likes of Coventry Mortgages.
