The broker, who wished to remain anonymous, said he sourced a self-cert product for his client on Trigold and an Abbey fast-track product was best suited.
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However, he discovered a clause in the deal which allowed Abbey to ask for data on the client’s finances both prior and post-completion; something he believed nullified the self-cert aspect.
“I know it has the right to ask for information to ensure it isn’t taking on too much risk but post-completion – what’s that about? Fair enough for a mainstream product, but this was supposed to be self-cert. This could cause problems for brokers who don’t spot it and it’s stopping all the other self-cert lenders on Trigold from getting to the top of the list.”
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The broker believed that asking for data post-completion could put the whole transaction in jeopardy and could see the client lose the deposit.
However, Abbey claimed that it did not operate in the sector.
A spokesperson for the lender said: “Our fast-track mortgages are available to people who meet the specified criteria. They are not the same as self-cert mortgages.
“We perform random checks on some fast-track applications and clearly state in our terms and conditions that we can perform these checks at any time. We consider them an important part of our responsibilities as a lender.”
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Bill Safran, CEO of Trigold, insisted that all mortgage products listed on its system were done so under the guidelines set down by the lender.
“We follow the lead of the lender and put in whatever it says. It’s up to the lender to decide how it lists its products on the Trigold system.”
