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MHBS provides 48 hours’ notice ahead of rate changes

  • 22/06/2023
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MHBS provides 48 hours’ notice ahead of rate changes
Market Harborough Building Society (MHBS) has kept to its commitment to provide intermediaries with a minimum of 24 hours’ notice before making changes to its fixed rates.

The lender has told brokers that it will withdraw its current fixed rates and replace them at 5pm on Friday 23 June. 

Last week, the lender promised to give brokers at least 24 hours’ notice before withdrawing rates following criticism from advisers relating to last minute product pulls. It also said it would only make changes between 9am and 5pm during the working week. 

In response to the sudden changes, mortgage brokers launched a campaign urging lenders to commit to a 24-hour notice period at minimum before updating their rates. This sparked a debate across the sector, with Association for Mortgage Intermediaries (AMI) and Intermediary Mortgage Lenders Association (IMLA) commenting on the issue.

Kate Davies, executive director at IMLA, said such decisions were only made if necessary while AMI’s chief executive Robert Sinclair said he backed broker demands and would be working with the industry to find a solution.

MPowered has also backed the pledge. 

Iain Kirkpatrick, chief executive of MHBS, said: “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.” 

The lender said it would have a team of mortgage specialists on hand to support brokers who have queries or cases to submit. 

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