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.”