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Lenders are told to stop burying the bad news

Senior technical manager at John Charcol Ray Boulger has called on lenders not to dress up bad news about product withdrawals.

At the BSA conference, Boulger warned delegates that as product changes are being conveyed to brokers at such short notice, it is important to be able to identify easily what is changing for the worse.

He said: “The whole of the bank and building society movement has taken Alistair Campbell on to top and tail their emails. Some lenders are treating brokers as if they do not have an awful lot of intelligence.

“The buzz phrase at the moment is ‘We’re simplifying our product range’ – please call a spade a spade.”

Boulger added that rather than burying bad news at the end of an email, lenders should highlight all the key points at the top.

He also warned lenders against pulling out of the 95 per cent loan to value market: “To avoid the property market deteriorating any more, there is a responsibility on the major lenders to maintain a presence in the 95 per cent market. If everybody pulls out, where does it stop?Nothing would hurt the property market more than lending disappearing for more and more people and that would harm your own balance sheet.”

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