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Borrowers may have to wait weeks for branch adviser meetings due to new FCA rules

Borrowers could be forced to wait weeks for an appointment with lenders’ mortgage advisers after the Mortgage Market Review as firms race to get qualified staff in place. Last week, a Nationwide business development manager warned that customers could expect waiting times of up to a month to see one of their mortgage advisers. He also said that face-to-face meetings could take between three and three-and-a-half hours from 26 April, when the rules come into place. Nationwide has tried to play down the concerns, saying: “Over the last year, Nationwide has increased the number of mortgage consultants available in branch. Availability of mortgage appointments is in line with demand and the society expects no material change to this post-MMR.” But experts believe lenders will struggle with the new non-advised sales ban, where all sales must be advised where there is any form of “interactive dialogue” with a customer. Moreover, the new rules require lenders to capture more detail from the borrower to ensure they can afford their loan. It is a sign that lenders are getting everything into place but there are going to be teething issues with the implementation of the new rules. As a result it may well be that some clients feel they are more suited to going to a mortgage intermediary (broker) if they feel they want to move forward a lot quicker than a direct lender can offer them. Association of Mortgage Intermediaries chief executive Robert Sinclair says: “I don’t anticipate any issues in the intermediary world in that we have already been taking in the kind of detail required under the MMR for some time. The big change is in the direct world, because of the requirement to take more detail than they have in the past. There will be delays – that may be in getting an appointment or how long those appointments take.”
Posted: 02/04/2014 12:21:35 by Mark Williams | with 0 comments

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