The system, which was launched in January last year, allocates time slots for mortgage funding to select distributors.
Last year, advisers criticised the system after long waiting times, only to be told that their club or network’s funding had run out for the day.
Oakhurst Financial Planning managing director Frazer Horton was unable to receive funding two mornings running last week after calling the tele-funding desk at 9am.
He says: “I have phoned two days in a row. It is worse than trying to get Glastonbury tickets.”
Mortgage Practitioner principal Danny Lovey says: “It is a nightmare. The last time I put a mortgage with Woolwich, I managed to get it done quickly but the time before, it took me four or five days to book it.”
A Woolwich spokesman says: “We have some extraordinarily attractive mortgages at the moment which are extremely competitive. As a result there can be short periods where funds are not immediately available – this does not happen often and we strive to minimise the occasions when it does.”
Brokers have been complaining to Money Marketing about the difficulty of getting funding through Woolwich’s tranche system since early 2009.
The Association of Mortgage Intermediaries, last year called on Woolwich to look into the problems advisers were facing after a number of complaints from members.