A new survey of mortgage advisors has found that minimum periods of notice from lenders before they withdraw products is something that a lot of them would like to see introduced.
Smart Money People carried out this survey and the results reveal that a lot of advisors are finding the speed and volume of both criteria and loan changes at the moment to be difficult. These advisors indicated in the survey that they would like to see the widespread introduction of minimum periods of notice from lenders, ahead of planned changes, something only Coventry Building Society currently provides.
The chief executive for Smart Money People, Jacqueline Dewey, told Mortgage Solutions that:
“Brokers are certainly frustrated that some lenders are changing rates on a Friday evening or Sunday, making them feel they need to work out of hours. With so little notice it’s adding a lot of extra pressure to already stressed brokers.”
Mortgage advisors have also stated that there has been some slowdown in the number of changes made by lenders more recently, but that notice periods would still be helpful when it comes to product changes. Some even want set periods of notice to be something that it is mandatory for lenders to provide.
The peak period of fluctuation within the market was directly after the Government’s mini-budget earlier in the autumn.
This is an idea that a lot of those with CeMAP mortgage advisor training will embrace, even if lenders are more reluctant to be tied to set periods of notice.