Lenders, as well as intermediaries, are now able to take direct leads off Mortgage 2000’s sourcing system, moneysupermarket.com, and offer mortgage advice.
Previously customers could either source and make online mortgage applications, or opt to be contacted by an independent adviser.
The only lenders participating so far are Principality Building Society, Bristol & West, Skipton Building Society and Staffordshire Building Society.
Stuart Glendinning, marketing director at moneysupermarket.com, said: ‘Moneysupermarket has been introducing applications to lenders for some time, but now several lenders are effectively taking leads off the system. It is due to the success of the Professional Adviser Alliance we took this route, as it became obvious that consumers will leave contact details but won’t apply online.’
The lenders will be giving advice on the same basis as they would when a borrower walked into a branch.
Jennifer Holloway, head of corporate communications at Skipton Building Society, said: ‘At the moment, we have only had dummy leads from moneysupermarket, to check that the process works. But we will phone customers who leave details and the process would proceed as any other mortgage application made directly to us. We will discuss, as normal, that the customer was getting the appropriate mortgage ‘ that they needed a fixed rate, for example. So it is a tied advice system the customer goes through.’
Charles Ansdell, corporate relations manager at Inter Alliance, one of the largest brokers to have a relationship with Mortgage 2000, said: ‘In light of the Sandler proposals, and what the Financial Services Authority has been saying, the fact that more people are accessing advice should be a good thing. But I would say if you do not go to a truly independent mortgage broker, then you will not get best advice across the market, which could be to the detriment of some consumers.’