John Cupis, Sesame managing director, mortgages and general insurance, says that the difficulties mortgage intermediaries are facing in sourcing deals and placing business is being exacerbated as a result of poor service – with potentially far reaching consequences for the whole market.
Cupis commented: “Deteriorating service from lenders and some of the practices being adopted are deeply concerning and this surge in complaints is clear evidence of the levels of adviser frustration prevalent in the market right now. Mortgage advisers and their clients are being hit with underwriting delays and cases rejected with insufficient explanations from lenders as to the reasons why. This is being compounded further with issues around dual pricing and access to deals.
“We fully appreciate that the lenders who are open for business are being inundated with enquiries and business, but it is in their long-term interests to ensure that their brand is not tarnished as a result of shoddy service and poor practices. Good service also means that the local brand and reputation of intermediaries is not tarnished with their clients.
“Sesame has a track record of working on our members’ behalf to tackle poor service and we are taking this up with lenders to try and improve this worrying trend. We understand that lenders have their own issues to address around funding, pricing and risk, but the fact is that mortgage intermediaries will be integral to the long-term recovery of this market, which is why it is in everyone’s interests to get it right.”
