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Tranche warfare in mortgage system

Advisers have hit out at Woolwich’s new mortgage tranche management system, claiming it is “pot luck”.

Last month, Woolwich launched its intermediary tranche system, allocating time slots to select distributors. But advisers have been angered to find that tranches are sold out minutes after the lines open at 9am.

Abacus Advice managing director Mike Hardy says that he telephoned the Woolwich just before 9am last Wednesday but, after being on hold for eight minutes, found out that the homeloan tranche was sold out.

He says: “I could keep trying the lines for two weeks, I have to tell my client that I do not know whether I am going to get the mortgage for them.”

Hardy tried again at 11am through a different club and again missed the funds.

Pebble IFA managing director Jason Finch says: “There is no procedure and no system to ensure fairness, it is just pot luck.”

A Woolwich spokeswoman says that the new distribution method is a “fairer and better system” than previous models.

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