It aims to provide much-needed certainty and clarity for mortgage brokers
Specialist lender Aldermore has announced three new pledges for its broker partners to support them in navigating the ongoing unpredictability in the mortgage market.
The first of these pledges is Aldermore’s promise to offer at least one full working day’s notice of any product withdrawal, as well as guaranteeing 10 days to convert a decision in principle (DIP) into a full mortgage application.
This pledge, Aldermore said, is expected to be welcomed positively in the market, with many brokers urging lenders to provide a minimum notice period of at least 24 hours on product withdrawals.
The lender is also allowing brokers to select a cheaper rate for their client at any time up to completion with no charge for the broker or their client.
Aldermore also vowed to contact the broker up to six months before their client’s deal matures, providing the broker the opportunity to help their customer decide what to do next.
“While lenders are doing their best to react to an unpredictable market, it’s vital that we work together and offer brokers as much notice as possible when making changes to our product ranges,” stated Nicola Goldie (pictured), head of strategic partnerships at Aldermore Bank.
“We know firsthand just how difficult brokers are finding it right now. Hopefully, these three pledges provide much-needed certainty and clarity for them.”
Andrew Montlake, managing director of mortgage broker Coreco, said he was thrilled to see Aldermore showing its commitment to the broker market and really listening.
“Brokers desperately need reliability and clear communication from lenders, for their own benefit as well as for their clients,” he commented. “In an ideal world, we’ll start to see more lenders committing to these sorts of pledges in the near future.”
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