In April, I needed to produce a BM Solutions’ KFI for a client. Being fairly IT-literate, I went on to the BM Solutions’ website looking for the Obtain a KFI button.It soon became apparent that the only way to get a KFI was to complete a decision in principle. I did not want to apply for a mortgage or a DIP but simply to produce an accurate illustration which I can then discuss with my client before they apply. Isn’t that an MCOB requirement? I typed in almost a full application. Then the final straw – this case has been referred. This process took about 15 minutes. So much for a one-minute mortgage. I contacted BM Solutions and after a week received a response saying: “We believe this is a benefit as the customer only receives KFIs for products available to them based on their credit details.” What about what the broker wants? I am all for using IT to speed things up but this does the opposite. BM Solutions’ light footprint is so light that it makes no difference to the decision to provide the KFI anyway so what is the point of it? I replied to BM Solutions by email in May to question the need for this process and its requirements for a credit search so that a KFI can be produced. I am still waiting for a reply. Come on BM Solutions. The online application system always seems to treat us well so why do you make it so difficult to get a simple mortgage illustration? Sean HortonDirector, Enhanced Wealth, Kent
There was an 88 per cent rise in property prices in the top 20 performing university towns and cities in the past five years, compared to the UK average of 83 per cent, according to Halifax research.Out of these top performing universities, the research found Manchester recorded the highest property price growth since 1999, with […]
I do not know about you but I have been on the receiving end of more grumbles from clients since the introduction of the new disclosure regime and the veritable forest of paperwork which accomp-anies each suitability letter.
Norwich Union Healthcare is making its Solutions suite of private medical insurance products available to smaller companies with less than 10 employees. The package had previously been restricted to firms with between 10 and 249 employees but it is being broadened to encompass companies with just two to nine workers. The Solutions suite enables corporate […]
July’s inflation figures hardly supported the MPC’s decision to cut interest rates. The consumer price index hit an all-time high, with higher fuel costs are feeding through into the shopping basket.
A report from the Centre for the Modern Family out last week presents some interesting — and perhaps rather worrying — findings.
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