View more on these topics

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.

Recommended

Skandia opens up road

Skandia is to give free access to the healthcare service roadtohealth for new Skandia Protect and The Skandia Plan policyholders.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com