Platform, the intermediary lender of The Co-operative Bank, already adhered to six commitments based on research of what intermediaries want to see in the mortgage industry and launched a competition to find its seventh pledge at November's Mortgage Expo where it asked intermediaries what they would like to see Platform implement further in its business practices in 2010.
The intermediary mortgage specialist's pledges range from a promise not to cross sell to a commitment it will inform customers as applications reach key stages in the application completion process.
Justin Moy, managing director of Easyswitch Mortgages which is based in Chelmsford, Essex, came up with the winning idea and with Platform has created the businesses seventh pledge: "We will give you at least two working days’ notice of product withdrawals and changes along with a clear explanation of our reasons, as part of our commitment to transparency and fairness."
Commenting, Lee Gladwell, director of business development at Platform, said: "Intermediaries for a long time felt that they were not listened to by the mortgage market and when Platform entered the mainstream mortgage market 18 months ago we felt that this was an issue which needed and still needs to be addressed.
"By fully engaging with our customers over the past year we have developed our service practises to fully complement intermediaries expectations and needs. The implementation of our seventh pledge fully supports our aims to be the intermediary lender of choice and I would like to thank everyone who got involved in the competition for their support."
Platform's pledges to intermediaries:
- We only offer Platform products through intermediaries, so you don't have to worry that we offer better deals direct
- We don't cross-sell other products directly to your customers, so you can feel confident that you have a lender you can trust
- We are transparent about our current service standards, they are updated daily on our website so you know where you stand
- We contact you on receipt of every application and at key stages throughout the application process, so you don't have to chase us or worry about letting your clients down
- We provide you with a designated sales representative, so you know who you are dealing with
- We release your procuration fee within 10 working days of completion
- We will give you at least two working days notice of product withdrawals and changes along with a clear explanation of our reasons, as part of our commitment to transparency and fairness
