View more on these topics

Loan experts slam Abbey fast-track system

Abbey’s fast-track system for mortgages up to 75 per cent loan to value is non-existent, according to Strategic Financial Solutions mortgages expert Henri Berest.

Despite getting decisions in principle online, Berest says he has been chasing mortgage applications and been given a barrage of excuses from Abbey as to why these applications cannot benefit from being fast-tracked.

Berest says he has been having problems with the fast-track system since January despite the fact that these are generally low-risk, low LTV applications and mainly remortgages.

Two to three weeks following Dips, Berest says he has been chasing Abbey which then demands further information, ultimately negating its fast-track promise.

Excuses for not being able to fast-track include a two-day late credit-card payment of 40.

Berest says: “Fast-track does not exist at Abbey. Its service has turned into a joke. The underwriting system has chan-ged radically for the worse. We want to know when they will get their act together.”

Brentchase mortgage specialist Michael Fitzgerald, who says he has also had problems with Abbey’s service, says: “I do not know what has happened. Was it the loss of certain key staff or did the take-over affect them in some way? The staff in the processing centres are working hard at keeping things going and a senior person should take hold of the situation before it does irreparable harm to the company.”

Abbey head of intermediary mortgage marketing Jeff Scott says: “We have over the past two months been getting better on some of these issues. Over the last two to three weeks, we should have seen an improvement, especially with the underwriting being put back into the regional offices. Ricky Okey and I are passionate about getting the service improvements started.”

Recommended

Suffolk Life appoints new sales manager

Suffolk Life has announced the appointment of John Nielsen as sales manager, reporting to John Moret, director of sales and marketing. Nielsens main responsibility at Suffolk Life will be building new relationships with IFAs and investment managers.

Standard defends platform choice

Standard Life has rebutted suggestions that it spurned its Sigma platform after it chose Fidelity’s Funds-Network as an alternative platform for its Sipp.

Global equities: time to de-risk?

While equity valuations have doubled since the financial crisis, Simon Edelsten explains that there are still pockets of value. But not where you might think Macro-economic uncertainty is causing turbulence in equity markets. Artemis Global Select Fund manager Simon Edelsten says his investment themes are taking him in a different direction to some of his peers – away […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment