The initiative is being co-ordinated by mortgage consultancy firm, Frank Eve Consulting, and is being supported by seven founder lenders, including Money Partners, Future Mortgages, Platform, Southern Pacific Mortgages Limited, GE Money Home Lending, Rooftop Mortgages and Freedom Lending. An eighth lender is expected to join in the forthcoming weeks.
The website includes a section on training where brokers can get tips on the best methods to use and monitor development. A range of plain English guides, checklists and letter templates can also be downloaded and own-branded and there is also information on mortgage complaint handling, Financial Promotions and TCF management information.
Frank Eve, managing director of Frank Eve Consulting, said the website had been created on the back of growing concerns among brokers and lenders about TCF. He said: “It became clear in discussions with lenders that their brokers were unsure about what they needed to do to implement TCF. At the same time, lenders were concerned about how best to get the TCF message across in an informative and impartial way.”
Bob Sturges, director of communications at Money Partners, said: “The reason this group got together is because we rely on intermediaries for business and going forward, this is growing in importance. We also recognised there was a gap in the market to assist intermediaries with their concerns about TCF.”
Peter Wright, financial adviser at CBK IFA, welcomed the move. He said: “I think this will be a good thing. Any thing that will help us interpret TCF will be helpful. Hopefully this will help us make TCF more tangible and reiterate what we already do.”
