The Association of Mortgage Intermediaries says it will not put pressure on lenders to introduce a minimum notice period for product withdrawals, despite some lenders giving brokers only a few hours notice of repricing.
Director general Chris Cummings says the AMI does not want to see further regulation imposed on the industry and he understands lenders have to be quick to respond in today’s climate. Cummings says the AMI has provided guidance on the sub-prime situation on its website and will continue to consult with the Intermediary Mortgage Lenders’ Association and Council of Mortgage Lenders.
He says the AMI held a meeting on Monday due to the recent tightening of credit standards in sub-prime.
Cummings says: “It is a case of understanding which lender will do what business and who can get a sub-prime mortgage compared with a month ago.”
Premier Mortgage Service managing director John Malone says: “Each lender is doing what they believe is right for their marketplace. Lenders must be allowed to run their business how they want to run it. People have to be reasonable because it is an unreasonable time we are working in.”
Personal Touch Financial Services sales manager Dev Malle says: “We work in a marketplace where prime lenders have been doing this for years. I think it is unfair in the current market to point the finger. It is a difficult market and we have to bear with them.”