Aldermore has confirmed three brand new pledges for its broker partners, as the broker community continues to navigate ongoing unpredictability in the mortgage market.
Chief among these pledges is Aldermore’s promise to offer at least one full working day’s notice of any product withdrawal, as well as guaranteeing 10 days to convert a decision in principle (DIP) into a full mortgage application.
The lender will also allow brokers select a cheaper rate for their clients at any time up to completion with no extra charge.
Aldermore has also promised to contact brokers up to six months before their client’s deal matures in order to give advanced notice.
Nicola Goldie (pictured), head of strategic partnerships at Aldermore, said: “Whilst lenders are doing their best to react to an unpredictable market, it’s vital that we work together and offer brokers as much notice as possible when making changes to our product ranges.
“We know firsthand just how difficult brokers are finding it right now. Hopefully these three pledges provide much-needed certainty and clarity for them.”
The pledges are expected to be welcomed positively in the market, with many brokers and The Association of Mortgage Intermediaries (AMI) taking a stand against late-notice product withdrawals recently.
Andrew Montlake, managing director of Coreco, added: “I’m thrilled to see Aldermore showing their commitment to the broker market and really listening.
“Brokers desperately need reliability and clear communication from lenders, for their own benefit as well as for their clients.
“In an ideal world we’ll start to see more lenders committing to these sorts of pledges in the near future.”
