However, I will do my best not to use it in future.
Most IFAs and mortgage brokers will be aware of C&G’s declining standards since centralising its operations. Most will also be aware just how bad its online submission and case-tracking system is – a prime example of how not to do it.
But many occasional users may be caught out by the rule changes that C&G has been implementing since May 20. When an offer is made, it is valid for three months but the product will have a completely different drawdown date. Recently, a client had to complete within four weeks of the offer being made or lose the rate. Moreover, in choosing a different (less competitive) product, a further administration fee was applicable.
I realise that a couple of other lenders have adopted this practice but how can a client make an application when he has no idea of the rate and product terms he might be forced to sign up to if unable to complete in the limited timeframe laid down? Is this C&G’s answer to TCF? Perhaps the FSA might wish to comment.
Protect & Save,