Mehrdad Yousefi, head of intermediary mortgages at A&L, wrote to brokers last week apologising for recent delays and explaining that the lender was attempting to get its service back on track but it had received unprecedented volumes of business over the previous few weeks.
Yousefi wrote: “I am very sorry for the inconvenience caused and we are currently working very hard to manage business volumes more effectively and to resume the superior service level to which you are accustomed from us as soon as possible.”
Andy Pratt, chief operating officer of Foxtons-owned Alexander Hall, praised A&L for keeping brokers informed. He said: “Sometimes when lenders are having problems we don’t hear from them but at least this time we have been kept informed of what we can expect.”
Pratt encouraged other lenders to follow A&L’s example when faced with similar problems.
David Oastler, proprietor of Essex-based Mortgage Business, said: “Lately a lot of lenders have simply stuck their heads in the sand when they have had delays.
“While it is still frustrating when they get themselves in these positions, it’s easier for a broker to explain the delay to his client if they are being updated as to the reasons why and the expected time the application will take.”
Yousefi added: “In the vast majority of cases we offer a lending decision within 60 seconds and if a case is referred to underwriters it normally takes 60 minutes.
“Our policy is to be open and transparent in all our communications with brokers and this occasion is no different – we have notified the market proactively of the situation and appreciate their continued support.”
