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B&B and Mortgageforce deal to place borrowers

Mortgageforce has revealed that Bradford & Bingley could be calling on them to place its existing borrowers when they reach the end of their deal.

The firm revealed that it has had a deal with B&B for the last year where any unplaceable potential borrowers were forwarded to them to get whole-of-market advice. It says there is no reason why this relationship cannot continue with existing borrowers.

The Chancellor this week said that it will be looking to wind down the mortgage books of B&B and Mortgage Express, using the assets from the sales to cover the debt incurred saving the lender.

Mortgageforce technical manager Katie Tucker says: “About a year ago we signed up to take care of any B&B customers who could not be placed with them. We have had all sorts of clients as a result and we would not be surprised if we were called on to deal with the current customers too.”

Northern Rock, the other nationalised lender, has a scheme to help borrowers off their books by forwarding them to a panel of brokers. The lender would not reveal the identity of the brokers but admitted that leaving Northern Rock buy-to-let borrowers may have been recommended Mortgage Express mortgages in the advice process.

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