Mike Fitzgerald, sales director at Brentchase Financial Services, said he had talked to a number of brokers who were phoning lenders for paper-based KFIs but had found that there was a backlog.
He said: “With so many lenders still trying to sort out their online KFIs, brokers are having to phone through for paper or faxed KFIs, but it is taking lenders too long to provide them.
“One client even walked out as it was taking so long.
“This is resulting in brokers just dealing with lenders who provide quick KFIs online. But what if the very best deal is with a lender where you have to phone for a KFI? This is a huge problem. All KFIs must be made accessible online now.”
And Tony Moss, partner at Best Advice Financial Planning, commented: “We usually phone through for paper-based applications so we are used to dealing with lenders in this way and never really experienced any difficulties.
“But we have found since ‘Mortgage Day’ it is getting very difficult to get through to lenders and we are having to wait longer for paper applications and KFIs.”
Tim Sturley, head of business development at Mortgage Express, whose online KFIs were unavailable for the first week of regulation, said: “We got off to a slow start in terms of providing paper-based KFIs.
“But after the first couple of days we were getting them off within about three hours.”
Mortgage Express’ KFIs are now available online.
