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Seven-day switch is pipe dream – Star Letter 17/06/2016

by: Mortgage Solutions
  • 17/06/2016
  • 0
Seven-day switch is pipe dream – Star Letter 17/06/2016
Each week Mortgage Solutions rounds up the most opinionated and thoughtful comments of the week in Star Letter.

This week’s Star Letter goes to Andy Wilson for his comment on Why the seven-day switching plan is a win-win for all – Brightstar.

“I reiterate my previous comment: if a seven-day remortgage turnaround is possible why aren’t lenders doing it now? What a competitive edge that would give the first lender to offer it – faster completions, happier clients, faster broker payments – sign me up now! However, reality then comes along and stomps all over the idea with pressure on brokers to present a perfectly packaged application first time every time, lender processing delays, lending department ineptitudes, valuation delays, legal delays, redemption statements delays and then getting the money shifted around a banking system that delays simple money transfers.

“My belief is that seven days is a pipe dream and I have yet to see a lender state, hand on heart, that it will be achievable.”

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