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Brokers fear ‘rise of rejection will lead to panel removal’ – Star Letter 25/02/2022

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  • 25/02/2022
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Brokers fear ‘rise of rejection will lead to panel removal’ – Star Letter 25/02/2022
Each week Mortgage Solutions and its sister title Specialist Lending Solutions pick the top comments from our readers.

This week’s comment came in response to research from Bluestone Mortgages which showed that over three quarters of those surveyed who were self-employed, had a blip in their credit history or no credit history, but their financial situation was otherwise stable, had decided not to apply for a mortgage due to a fear of rejection.

Reader 5Lk9m2Q7NR said: “[It is] Not only retail customers but also brokers [that] are in fear of rejection. We are a broker but we are picky on our customers. We are worried a rise of rejection will lead to panel removal which basically means [the] end of our business. We avoid tricky cases and this eventually hurts customers.

“I’d blame lender’s non-transparent broker panel review process.”

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