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Competition review should look at mortgage network panels

  • 28/06/2017
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Competition review should look at mortgage network panels
A panel of industry experts have suggested that the FCA’s ongoing Mortgage Competition Review will cover off lenders’ relationships with networks.

Speaking at the Financial Services Expo Wales, John Coffield, head of mortgages at Paradigm Mortgage Services, said that he felt there was plenty of competition in the mortgage market. However he added: “The regulator should look closely at those networks who offer limited panels and why they choose the lenders they do to be on it. They should be making sure that there is no ‘pay to play’ element when it comes to these arrangements.”

The panel also suggested the review will look at problems surrounding free legals for remortgage clients. Mortgage Solutions has reported on numerous issues in this area recently, including conveyancer Breezeplus upping staff levels by 40% to deal with mounting delays.

Adrian Moloney, sales director at OneSavings Bank, said: “There has been a lot of press coverage on this very issue and the big question is whether they are actually good for remortgage customers.”

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