As exclusively revealed in Mortgage Introducer back in January this year, the Woolwich has been running a pilot with Legal & General’s appointed representatives (ARs) since 1 November 2004.
The retention range of products allow existing Woolwich mortgage customers to have the same rates as new borrowers coming to the Group without the need to remortgage. This means there are no valuations or solicitors resulting in an easier and quicker process.
The move is intended to be in the spirit of the Miles report which stated lenders should make their full range of products available to all borrowers.
Martyn Smith, product marketing manager for Legal & General’s Mortgage Club, said: “The pilot has been running with all our ARs since
last November. It has been highly successful as the process is very straightforward and is another way for intermediaries to increase their income.”
Andy Gray, head of mortgages at the Woolwich, commented: “This is another example of Woolwich’s commitment to the intermediary market. The pilot has been hugely successful which is why we rolled it out nationally.”
Rod Murdison, sole proprietor of Murdison & Browning, said: “Generally speaking when clients come off specialist rates and revert to the lender’s SVR there are usually better remortgage deals with other lenders out there.
“Having said that if the best advice is for the client to stay with the lender then this is an attractive feature for the broker and I’m greatly in favour of anything that helps offset the extra costs we are encountering.”
