Members of the Legal & General Mortgage Club have voted overwhelmingly against the use of dual pricing by mortgage lenders.
The Club asked brokers to identify the best solutions available to lenders when credit is restricted and the vast majority said that lenders should raise their pricing across all channels.
The purpose of the research is to try and move the industry on from the dual pricing debate to explore positive ways for lenders and advisers to work together.
Ben Thompson, director, mortgages at Legal & General said: “I realise that conditions are very difficult for lenders, but there’s nothing guaranteed to annoy a broker more than dual pricing. It’s like treating them as second-class citizens.
“The likes of Nationwide and
He added: “The mood at the Legal & General Mortgage Club awards, held on 5 June and attended by lenders and mortgage advisers, was one of co-operation and mutual support. The general feeling was that we all need to work together to get through this recession and a long-term outlook is needed rather than chasing volumes from week to week.”
Other suggestions that brokers came up with were:
Legal & General will be working with the lenders on its panel throughout the rest of this year to discuss the viability of implementing these suggestions.
Date: 23rd, June, 2009
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