Ian Crampton, sales director for Ferndown Ltd, said that, despite his client having no previous problems with their credit, when he sourced the best product for the client’s situation, it turned out to be part of Coventry’s Building Society’s adverse range. On applying for the deal, he was told by the lender that it could not let a non-credit impaired client have a credit-impaired product and the application was rejected.
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Crampton said: “These adverse mortgage products were better than the prime and that is the fault of those that priced the product. If any product is available that is better for the client, what does it matter? It’s completely bizarre and I’ve never heard of this happening before. This is unfair; the client fits the criteria.”
He added: “Coventry Building Society is there to give the product to the client that has been recommended, as the product fits. It’s like it is trying to say that we should go through the distinct channels of prime and non-prime.”
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Commenting on the situation, Yvonne White, media relations manager for Coventry, said: “Without knowing all the specific details and variables of the case, it is hard to comment. Products are designed for people with different needs and this case is probably an exception.”
