I can only hope that, as an entire profession, mortgage advisers are responding to this by returning the compliment and introducing no cases to this organisation until such time as they can once again demonstrate that they are fit for purpose.
We are, of course, obliged to act in the best interests of our clients and where we identify the most competitive product as being one offered by the Woolwich, we are duty- bound to point this out to our clients.
However, I have also taken to explaining that their chaotic administration is likely to result in delays to the process and considerable extra time spent by myself in securing funds.
Because of this additional workload, any application to the Woolwich now carries with it an additional broker fee to cover that time-cost.
I have never had anything but an understanding response from clients to this requirement and the outcome is fairly predictable. They want to avoid this lender as much as I do.
If the Woolwich wants to join the likes of First Direct, Yorkshire Bank, etc, in becoming a “direct-only” lender, then I have no problem with that – it is their commercial decision to make. What I will not countenance is their notion that they should get support from brokers while offering nothing in return.