Woolwich tranche system 'worse than getting Glastonbury tickets'
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Brokers are still having problems getting funding through the Woolwich’s intermediary tranche system.
The system, which was launched in January last year, allocates time slots for mortgage funding to select distributors.
Last year, advisers criticised the system after long waiting times, only to be told that their club or network’s funding had run out for the day.
Oakhurst Financial Planning managing director Frazer Horton was unable to receive funding two mornings running last week after calling the tele-funding desk at 9am.
He says: “I have phoned two days in a row. It is worse than trying to get Glastonbury tickets.”
Mortgage Practitioner principal Danny Lovey says: “It is a nightmare. The last time I put a mortgage with Woolwich, I managed to get it done quickly but the time before, it took me four or five days to book it.”
A Woolwich spokesman says: “We have some extraordinarily attractive mortgages at the moment which are extremely competitive. As a result there can be short periods where funds are not immediately available - this does not happen often and we strive to minimise the occasions when it does.”
Brokers have been complaining to Money Marketing about the difficulty of getting funding through Woolwich’s tranche system since early 2009.
The Association of Mortgage Intermediaries, last year called on Woolwich to look into the problems advisers were facing after a number of complaints from members.
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Readers' comments (22)
Patrick McCarry | 19 Feb 2010 3:13 pm
No complaints at all through Sesame Network!
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Anonymous | 19 Feb 2010 3:19 pm
I have been trying for 2 days to (unsuccessfully) book funds - everything Woolwich do is designed (or so it appears) to annoy brokers!
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Anonymous | 19 Feb 2010 3:20 pm
Thats the easy part, it goes to the diabolical at process stage and plain ludicrous when an an offer is to be produced and all of this in a foreign language and no complaints system!
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Anonymous | 19 Feb 2010 3:24 pm
I tried Monday Tues and wednesday this week and made sure that as my PC clock it 11am i pressed the option 6 button. 1 second after 11am told all funds had gone what a joke they are!! I have since put the mortgage through Natwest and recieving excellent service. Woolwich will be a last resort for me until they improve. Clients could risk losing a property if they had to wait for the Woolwich system
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Anonymous | 19 Feb 2010 3:27 pm
Having been trying for the last week to book funds - to no avail. Have lost two mortgage cases over it. Each day everyone in our office has been calling the Woolwich at the same time with the hope that someone gets through to their funding lottery!!!!
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Anonymous | 19 Feb 2010 3:27 pm
Competetive rates but also the world's worst service - they are to mortgages what Aviva is to pensions
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Derek Frost | 19 Feb 2010 3:28 pm
I'm disgusted with their service on the funds booking line, which even their so-called BDMs declare they can do nothing about. Even ringing bang on time, the option 1 or 2 went straight to a 'no-subscriber' tone.
We'll move Heaven and earth to avoid them!
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William Kingsley | 19 Feb 2010 3:31 pm
On top of the horrible tranche system, their MAX application system takes 3 times longer to complete than any other. MAX stands for 'makes applying excruciating' - the upside is that if it is fast track, it is very quick indeed - so the rule is that you pick and choose the type of business to go to them. I got a proc fee paid on a remortgage 2 weeks after the application went in - that's fast
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Ketan Yadav - Avenue & Co Private Finance | 19 Feb 2010 3:55 pm
I have been using the Funds online booking system via Woolwich in the past, and recently via Sesame Network - Absolutely no problems whatsoever.
MAX System really does take getting used to. It is the most complex lender online mortgage system and we repeatedly have problems, (but lucky to have a great BDM - Graham Johnson).
Woolwich can do alot more to simplify the process, it's needlessly complicated.
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Kevin Fowler | 19 Feb 2010 4:09 pm
Rather short sighted to be critcising a system which is designed to control outflows without resorting to dual pricing like Santander, HBOS, Nat West and others !!
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