Woolwich is revamping its online case booking system so intermediaries will no longer have to wait until midnight to book funds.
Woolwich allows brokers to reserve products by securing funding online, which is currently released at midnight seven days a week. Brokers say they have to submit cases at midnight to have any chance of securing funds. But from April 2, inter-mediaries will be able to secure funding from 10am daily.
The lender is also splitting its single tranche of funding into residential mortgage cases and buy-to-let cases from April 2 and is removing the funding limits for mortgage networks and clubs.
Currently, networks and clubs are allocated a certain amount of funding, depending on size and past case quality.
This means an intermediary who submits cases through a particular mortgage club might be left disappointed if all the funding for that entity had
Under the new system, intermediaries will be able to complete the deal through the distributor of their choice.
Emba group sales and marketing director Mike Fitzgerald says: “The system caused a lot of trouble but these changes seem sensible. Removing the tranches for each network and club will ensure the money is spread more widely and will give directly authorised brokers a choice.”