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AMI wants Woolwich to rethink tranche system

The Association of Mortgage Intermediaries has called on Woolwich to reassess its new mortgage tranche management system after members have voiced concerns over waiting times and inability to secure funding.

The company’s new tele-funding desk has come in for criticism from advisers experiencing long periods on hold, only to be told their club or network’s funds had run out for the day.

Ami director Rob Sinclair says: “We have talked to Woolwich after a few of our members came to us with their concerns. Some of our members are clearly frustrated with the system and it is a big issue. Ami members are on hold for 50 minutes and then cut off and that is not good. Members are finding they cannot get hold of mortgages and that is not good. There is no certainty for clients and that is a worry.

“Woolwich contacted us straight away. Intermediary business director David Finlay asked me, what do you want us to do, and he pledged to review the system errors and said that he would talk to intermediaries about the problems.”

Woolwich has also confirmed that it is considering changing the telefunding desk to a freefone number in the second quarter of this year.

Last week, Finlay told Money Marketing that adviser praise for the new system had far outweighed any complaints. He said: “There is a general perception out there that is wrong because we have the funding desk and because the funds are running out quickly they think Woolwich is not in the market which is not true.

“We are looking after brokers who have worked with us in the past. It is tough, but who do you support? You support your loyal brokers who you want to work with through this tough period.”

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