Ray Boulger, senior technical manager at John Charcol, criticised the lender for failing to take advantage of its new position in the market by launching with a 01, 02 or a freephone 0800 number. This, he said, would force the hand of other market players and would encourage better bonds between lenders and brokers.
“Any non-geographical numbers such as 0870 and 0845 numbers cost significantly more for longer calls and quite often it takes a very long time to get through. While there can be benefits for the lender in terms of financial gain, they should be looking to set up a friendly system to encourage better relationships with intermediaries,” he said.
Boulger added that while more lenders were moving in the right direction by switching to local rate numbers, he said db mortgages, as a new entrant, has failed to set a precedent and force current players and new entrants to follow suit.
However, Matthew Russell, communications and sales support manager at db mortgages, rebuffed Boulger’s claims and said the firm had paid heed to market demands.
He said: “We have followed market guidance and have decided not to come out with a national rate 0870 number. Instead, we have chosen 0845 numbers, which are charged at a local rate of about three to four pence a minute. This is par for the course and is a standard business line number and is not in anyway untoward.”
Mortgage Introducer has led an extensive industry wide campaign against the use of 0870 numbers, which has seen a number of lenders switch from national to local rates. These include Nationwide, Northern Rock, The Mortgage Works and Chelsea and Skipton Building Societies.
