Analysis - Mortgages
Mortgage Solutions | 15 Nov 2007 | 10:13
Research released today by GE Money has shown 87% of mortgage deals currently being handled by UK mortgage brokers have suffered due to lenders changing product rates or criteria at short notice.
However, most brokers stated they were understanding of brokers problems with 59% saying it was acceptable for lenders to withdraw deals with as little as one week’s notice and 85% of brokers requesting two week’s notice as a reasonable time frame.
Duncan Berry, sales director of GE Money Home Lending, said: “During these challenging times, there will inevitably be changes to ranges with shorter notice periods, but communication is key and lenders should endeavour to give brokers reasonable notice to alterations in product ranges and changes to pipeline dates.”
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