View more on these topics

Guide to complain on loans

The Mortgage Board is issuing a How to Complain guide for disgruntled borrowers who have been ripped off by unscrupulous mortgage firms.

The guide is being issued following a review of complaints received by the Mortgage Board&#39s helpline in the last six months.

It found that 39 per cent of all complaints against brokers related to a failure to refund fees, which is mandatory under industry best practice guidelines.

Seventeen per cent of complainants thought the product they were sold by a broker did not meet their needs while 15 per cent believed that information provided by the broker was misleading.

Lenders also fared badly, with 24 per cent of complaints regarding original mortgage offers being changed by the lender at a later date.

Complaints about redemption charges accounted for 19 per cent of all grievances against lenders.

The guide is designed to make the complaint process easier, more open, understandable and accessible for customers.

Chief executive Luke March says: “Currently, some people who feel aggrieved are put off seeking a resolution because of the complexity and uncertainty of the complaints system. By making clear what is the most effective route of action, we hope our new guide will enable people to rectify their difficulties.”

Recommended

Remortgage only for Mortgage Business

The Mortgage Business has introduced a limited offer remortgage package aimed at self-employed and self-certification borrowers. Research conducted by MORI on behalf of the Council for Mortgage Lenders between July and September 2000 shows that 43 per cent of borrowers had made changes to their mortgage arrangements, such as remortgaging. The one per cent base […]

Aiming for tax relief

I have noticed a good deal of publicity surrounding venture capital trusts and am particularly attracted by the availability of tax relief. However, I have also heard they are risky forms of investment. Can you outline the tax advantages and comment on their suitability for a private investor? The most important aspect of any investment […]

Axa – World Opportunities Fund

Monday, 29th January 2001.Aim: Growth by investing in high risk worldwide equity stocks.Minimum investment: Lump sum £1,000, monthly £50.Investment split: 100 per cent in high risk worldwide equity stocks.Isa link: Yes.Pep transfers: No.Charges: Initial 3.5 per cent, annual 1.5 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: 01179 890808. 

Manx cats will get the cream

“Please would you tell me,” said Alice a little timidly, “why your cat grins like that?” “It&#39s a Cheshire cat,” said the Duchess, “and that&#39s why.” (Alice&#39s Adventures in Wonderland, 1865). If you are among the one in five UK IFAs who sells offshore products to your clients, you will be smiling like Lewis Carroll&#39s […]

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment