It later went on: “Providing customers and brokers with good value today and food value tomorrow. Woolwich’s signature lifetime tracker and offset products provide consumers and intermediaries alike with confidence that their clients will have a good deal for the life of the mortgage.”
All very upbeat.
I am well aware of the benefits of their lifetime tracker mortgage, this is why I have recommended it recently to a number of clients. Unfortunately though, Woolwich are continuing to maintain the same product with marginally better terms through their direct channels. The direct product offers no early repayment charge whereas ours has a 1 per cent tie-in during the first three years.
The last two cases that I submitted and spent money on processing – which were actually offered – have since been attracted by the no-penalty deal. They wanted to deal through me but as I could not provide the deal, they reapplied through the local branch.
I have been undercut by the company that I have recommended and for a minimal difference in terms. So, thanks Woolwich for thanking me for the cases you have since taken from me.
Do Woolwich actually realise the effect that having this marginal difference is making and how it is alienating the introducers? Judging by their upbeat email, I really do not think so. They may think that by having such a small difference, they are keeping us happy and on the back-burner but, in effect, it is even more infuriating as there seems to be no reason for it.
It cannot be reducing their pipeline so why don’t they just bite the bullet and offer us the same products? Then both intermediaries and clients will be really happy.
Hove, East Sussex