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A&L looks at instant offers

Alliance & Leicester plans to launch instant offers next year in a bid to ramp up its service to brokers.

The firm says automated valuation models, which facilitate point of sale offers, are a key part of its future strategy.

A&L will follow GMAC, Edeus and ING Direct as lenders offering Posos while BM Solutions says it is also planning to generate instant offers.

GMAC chairman Stephen Knight said last week that lenders that failed to embrace such technology would see business volumes drop as they would be considered to offer a poor service compared with firms which offer Posos.

A&L head of intermediary mortgages Mehrdad Yousefi says: “It is our aspiration to improve our service and technology – we are looking at AVMs very seriously and we will use them in a targeted way in 2007 at some point. We have a legacy technology platform and if we want to issue instant offers, we will need new technology – not in the next three months but probably in the next 12-18 months.”

Savills Private Finance managing director Mark Harris says: “As far as intermediaries are concerned, AVMs are a no-brainer. Lenders will have to address the issue at some point or they will be shooting themselves in the foot.”


NU equity director Carter is replaced

Norwich Union equity release chief Daren Carter is to be replaced next month as part of the firm’s internal restructuring. Carter’s role as NU personal finance director of sales and marketing, which encompassed equity release, will disappear as part of a programme of changes that will see 4,000 jobs lost and the combining of the […]

Industry call goes out to carry on selling Asps

GE Life is leading industry- wide calls for advisers to defy Government pressure and continue to advise all suitable clients to take out Asps. Fears that the Government will spoil or scrap Asps were confirmed last week when Treasury Economic Secretary Ed Balls said changes will be included in the next pre-Budget report. The Government […]

C&G relaunches adviser site

Cheltenham & Gloucester is relaunching its intermediary website this week. The revamped website will include an affordability calculator, which will enable brokers to get a decision on how much C&G will lend their client without leaving a footprint on their credit record. C&G has also added a news alert service to keep intermediaries abreast of […]

Zurich offering IHT alternative

Zurich has launched a new guaranteed whole-of-life plan, to be marketed as an alternative estate planning tool. The firm says although clients will pay a higher pre-mium for the guaranteed rate than a reviewable rate, it off-ers the peace of mind that many will people need when carrying out their estate planning. The Zurich adaptable […]

The Merchants Trust PLC – April 2017

Welcome to the latest update for The Merchants Trust PLC from the Trust’s portfolio manager, Simon Gergel. Portfolio Review The Merchants Trust reported results this month and the directors were pleased to announce a 35th consecutive year of dividend growth (subject to shareholder approval at the AGM). The Company is proud to be highlighted as […]


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