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16/03/2009 - Woolwich system is no more helpful than direct deals

I was interested to see a number of letters in last week's issue of Mortgage Strategy about the way Woolwich is rationing mortgages.

The method the lender uses restricts not only volumes but also distribution channels. This seems little better than direct product offerings that are not available to the broker market.

Last week the market witnessed the sad demise of two large broker firms - Cobalt Capital and Chase de Vere. Their stated reason was the lack of mortgage funding. I suspect neither of these companies were on Woolwich's preferred panel and wonder how much this contributed to their demise.

Last year I said it was time for a TIF - Treating Intermediaries Fairly - initiative. This is as true today as it was then.

Philip Holroyd

Simplybiz Mortgages

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16/03/2009 - Woolwich system is no more helpful than direct deals