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Market Harborough makes 24-hour notice pledge on product withdrawals

Anna Sagar
Written By:
Posted:
June 14, 2023
Updated:
June 14, 2023

Market Harborough Building Society (MHBS) as committed to offer at least 24 hours’ notice to brokers before withdrawing products.

The mutual joins lender MPowered Mortgages, who made a similar pledge last week.

The move comes after widespread product withdrawals and repricing from lenders, in some cases at short notice, leading to widespread frustration from brokers.

Many brokers have called for minimum notice periods of at least a day, with some launching The Broker Collective to campaign on this issue.  

The Association for Mortgage Intermediaries (AMI) has said that minimum notice periods could be difficult but urged lenders to think about their broker partners and customers and give as much notice as possible.

The Intermediary Mortgage Lenders Association (IMLA) acknowledged the frustration that last minute withdrawals could cause but said that they were only made when “absolutely necessary”.

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MHBS’ CEO Iain Kirkpatrick (pictured) said: “It’s difficult to watch the impact on intermediaries and their clients unfold again as quick decisions are needed and work/life balance and mental health is compromised to manage the fallout.

“MHBS will commit to providing a minimum notice period of 24 hours for withdrawals, without exception, and only make changes between 9am-5pm during the working week.”

He added: “In challenging times it’s more important than ever to work together. Trust and communication between us and the intermediary are key to delivering the best outcome for clients.”