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Boulger slams network panel model

John Charcol senior technical manager Ray Boulger has slammed the network panel model, suggesting that many clients are being denied the best deal.

He says brokers should turn clients away if they do not have a suitable lender on their panel.

He says: “The only real argument of having a panel is that you could have more sway with some of the lenders because you do a lot of business with them but there are lots of other cases where it means you cannot give your client the best deal.

“My view would be that if you do not have a suitable lender on your panel, you should tell your client you cannot place the case.”

Chadney Bulgin mortgage partner Jonathan Clark says: “I think the FSA’s definition of whole of market needs looking at. A lot of brokers claim to be whole of market but they are not. They only recommend lenders who pay them a proc fee.”

London & Country head of communications David Hollingworth says: “The arguments that people would make for using panels is that they have got a number of the major lenders on there and they do represent a large slice of the market by volume.

“But, of course, what you miss out on as a customer is the potential for other lenders which offer better deals at the time you are looking for a mortgage.

“Therefore, you are just reducing your chances of getting the best deal. It is a question that borrowers should ask brokers.”


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  1. This is interesting reading as an ex-charcol consultant.
    Ray has always been the ‘Mortgage Guru’ and is well respected in the industry. However, Charcol’s ethos has in my opinion always been about gross business. Turning a client away would never happen, even if the products on offer did not fit the clients needs exactly!

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