Steve Brockman, director of A2B Mtg Co, said he was ‘sick to death’ of lenders pulling products with little warning when he was attempting to apply for the product for a client. He said this made it extremely difficult for brokers to treat their customers fairly and warned that, once the market had calmed down, he would consider removing such lenders from his panel.
Brockman cited Cheltenham & Gloucester (C&G) as being particularly bad. In one instance he was told by C&G at 4.15pm on a Friday that the 60 per cent loan-to-value (LTV) term tracker product he was sourcing for his client would be withdrawn at 6pm that night.
He said: “Do lenders not know how much paperwork is involved? They are not treating brokers fairly. In the troubled times we are in, brokers need to rely on lenders. They say they need us, but they’re not helping us. I am trying to treat my customers fairly, but lenders are stopping me from doing that.”
A spokesperson for C&G said: “It is rare that we would ever pull a product at such short notice and it is something we try to avoid doing. It was an overwhelmingly popular product, but the 80 per cent tracker is still competitive.”
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