As new guidelines – the Mortgage Market Review – come into place, some lenders are expecting significant delays to their in-branch mortgage advice and sales services. And by significant delays, it looks like they mean weeks:
“Last week, a business development manager at one of the UK’s biggest lenders warned brokers at a Sesame Live conference that customers could expect waiting times of up to a month to see a lender’s in-branch mortgage adviser.”
Essentially, the MMR guidelines mean that advisers have to collect more information than they have been gathering. They need to make sure that the products they sell are affordable for each customer. The MMR also changes the kinds of products a lender can sell without advice. This adds time to each appointment, and potentially stretches queues.
Here at Limetree, we aim to meet with new clients within 48 hours, and we don’t expect any delays. As independent financial advisers, it has always been our job to find the right products for our clients. We already gather all the information we need, so new guidelines won’t delay us.
We work around our clients’ schedules, and that’s not going to change for us.
If you have any questions, drop us a line, and don’t expect a long wait!