Mortgage brokers are having to swap cases up to five times because of the rate at which lenders have been changing their product criteria, according to All Types of Mortgages (AToM).
The packager also reveals a sharp fall in the number of mortgage completions over the last quarter which it attributes to a large cut in available products. AToM says the unprecedented number of product alterations and withdrawals seen in the past few months has led it to rebroke about 40% of all cases. The problem is so widespread that, in some instances, the case must be swapped five times due to lenders pulling products or changing their lending criteria, according to AToM. Total mortgage completions have suffered as a result, with 9% fewer completions in the third quarter compared...
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