West Brom for Intermediaries left one broker fuming after he received a withdrawal notice at 4.15pm regarding a number of buy-to-let and mainstream products, and stated that applications had to be submitted by the close of business that day.
The e-mail from West Brom stated: ‘These products will be withdrawn at 5pm on 19 February. Online applications must have a decision-in-principle before 5pm today, with the application completed in full by close of business on 20 February.
"Paper applications will be accepted providing they have a West Bromwich Mortgage Company Key Facts Illustration dated on or before 19 February and are received before close of business on 21 February.”
Hugh Nichols, proprietor at Badbury Berkeley Financial Services, said: “Lenders are just ignoring ‘Treating Customers Fairly’ and withdraw products whenever they feel like it. Brokers are not sitting waiting for e-mails and most will not have seen the withdrawal notices until after it had happened.”
Elsewhere, Alliance & Leicester removed its PlusMortgage range with less than 24 hours’ notice, a strategy that Preferred and RBS also adopted on its product offerings.
One broker, who contacted Mortgage Introducer, claimed that lenders were ‘panicking’ in the current climate and brokers were being left to pick up the pieces.
