As a result, the broker, who wished to remain anonymous, admitted that intermediaries would have to draw up a list of the lenders offering the best products, and those with which a mortgage deal could be completed easily.
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The source said: “Service issues are becoming an increasing concern for the industry. The Financial Services Authority is telling us to offer the best product for the customer, but you have to weight this up against the service of the lender and how quickly and easily the borrowers want to complete the mortgage transaction.”
He added: “It is a case that you have to think twice before placing a deal with a lender. If the offer is good, it often means that the lender will experience service issues because the lender won’t be able to cope with demand.”
Clare Mortimer, press officer at BM Solutions, admitted that good service was imperative in the mortgage market.
She said: “It is the case that in an increasingly competitive market service levels will often differentiate lenders. The onus is on lenders to get their service right, and lenders that offer five star service will definitely see brokers go back to them and recommend them to others.”
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