Mortgage Strategy - Product withdrawals cause ‘carnage’
The fact that many lenders are frantically pulling product ranges — sometimes their entire offering — off the shelves with the promise of a quick relaunch is hardly an industry secret.
Trinity Financial's Aaron Strutt told Mortgage Strategy magazine that product withdrawals over the past few months have “caused carnage”, and processing backlogs have made this problem worse.
Strutt says: “Our brokers are explaining to clients that the market is busy and many lenders are struggling. They let them know about the service standards and the dangers of a case taking weeks to be processed and then potentially declined.”
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