More lenders say no to 0870

The move came after significant broker feedback led both mortgage lenders to re-evaluate their intermediary offerings to include the change from national to local rates.

Lenders have previously been accused of using the 0870 numbers as a disingenuous attempt to squeeze more money out of intermediaries, but both lenders have been praised for the switch.

Mortgage Introducer has been involved in an extensive campaign against the use of the 0870 numbers, which has led to previous changes to local rates by lenders such as Nationwide, Northern Rock, The Mortgage Works and Chelsea Building Society.

Rod Murdison, proprietor of Murdison & Browning, said: “It is a positive move and I urge other lenders to follow suit. It’s an area that has always puzzled and angered me. I can’t help cross-comparing with other industries and how they would respond to being charged inflated rates for actually putting business someone’s way. I cannot help but feel it is a massive contradiction.”

A&L is phasing out its 0870 number for intermediary enquiries replacing them with local rate 0845 numbers.

Mehrdad Yousefi, head of intermediary mortgages at A&L, commented: “This is a significant improvement to our service proposition. We have listened to feedback from intermediaries and have reacted accordingly. We are adopting a phased approach during the coming weeks and it is envisaged that all 0870 phone numbers will be phased out by the beginning of July.”

Jennifer Holloway, head of media relations at Skipton Building Society, said: “We have listened to brokers and as a result, we decided to make the change. They can now call our intermediary sales managers (ISMs) and our mortgage service centre at no charge – from a landline. Our ISM number is now 0800 which is even better than those who have changed to 0845 numbers.”