Each week we round-up the best comments, emails and letters to the site and pick one reader contribution as our Star Letter. This week’s award goes to:
“No clear benefit in fast track” – Legal & General explains Abbey move
I understood that the principle benefit of fast-track to any lender was that it enabled a faster issue of formal offers where the due diligence checks on the applicants credit score had been satisfactory, i.e., remortgaging a case below 50% LTV when the credit file information had proved a perfect payment history in the past.
Obviously the safety net for lenders was the requirement to audit a percentage of business to ensure that income evidence was true, so the potential loss of this facility will surely just result in an increase in the time required to obtain the formal offer. Why is this a good result?
John Morgan
17 May 2012 | 10:57
You can see more of this week’s best reader comments by clicking HERE and read a round-up of the week’s biggest news stories HERE.
