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The need for speed

One of my clients was recently seeking finance to buy a holiday home in Spain and, at my suggestion, they decided to use their existing unencumbered private residence to do this.

Because of the client’s age, only a very short mortgage term was available and thus a pure interest-only repayment was essential. The case was more tricky to place than I thought. I was relieved when I found a home for the case with Abbey for Intermediaries, a lender I had not used for a year or two.

I saw my clients on the evening of Monday, May 9 and discussed the different product terms on offer from Abbey for Intermediaries and offered an explanation as to why this particular lender was being recommended. My client was satisfied and I set about gathering the information needed to input the case on the computer.

The case was input on Tuesday, May 10 and acknowledged as received by Abbey for Intermediaries on Wednesday, May 11. The only human contact in the whole process was when on Friday, May 13, a formal offer of mortgage advance was issued. How quick was that? On Wednesday, May 18, I was visited by the same client to help them complete documents for the solicitor appointed by Abbey for Intermediaries to deal with the legalities of the remortgage. My clients were encouraged by the solicitors to return the document to them by Sunday, May 22 so completion could take place on Thursday, May 26.

The whole process, from start to finish, will have taken 17 days. This is prob-ably not a record but it is by far and away the quickest turn-round time for any mortgage process I have ever experienced.
Kim Barrett
Chartered financial planner

Web comments on article, Never been a better time to be an IFA

At the top end, it is incredibly busy and small IFAs are banging on our door to join as we are in the RDR world already.
Phil McGovern

It may well be a good time to be a high quality IFA but what proof is there it is a good time to be the client of a high quality IFA? There is little evidence that high fees and qualifications are correlated to high quality advice.
Glen McKeown

What a lot of rubbish. The industry will shrink. No longer will the public get sound advice they can afford. The cost of regulation means we need to charge higher fees and yet the regulator is going to police the level of charges which will stop a free market. People are and will continue to make lots of money from all this but it won’t be the IFA.
John Delve

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