Fault with new C&G system

Article source: www.bridgingandcommercial.co.uk

Fault with new C&G system

As a result of the unusually high number of phone calls currently being received by the Cheltenham & Gloucester’s (C&G) servicing team, all mortgage brokers have been advised to cease contacting the mortgage lender.

FTadviser.com, a financial sourcing website, reported that in a letter sent by Mr Jon Farley, the intermediary sales director at Cheltenham & Gloucester, the mortgage lender explained that the level of business calls that the firm is currently dealing with has suggested that delays are occurring to its mortgage application service.

An excerpt drawn from the letter explained: "Your fulfilment team remains focused on processing your applications in a timely manner but the answering of telephone calls (more than 70 per cent of which are for status updates) is impacting our ability to do this.

The letter goes on to state that Cheltenham & Gloucester’s new service level agreement model for processing the mortgage brokers’ cases clearly promises to contact the mortgage brokers within three working days of receipt of any mortgage application to provide a detailed up date on the progress of the application.

By making a clean breast about the significant delays being experienced at mortgage lender Cheltenham & Gloucester, reports the company had made last year about how the introduction of its new service level agreement for processing applications would mean it was in a position of contacting the mortgage advisers within a three days period of receipt of the application to update them on the progress made may seem a little contradictory.

Giant mortgage lender Cheltenham & Gloucester is among the list of high street mortgage lenders which includes the likes of financial colossus Halifax (a subsidiary of the Halifax Bank of Scotland Group) and Nationwide Building Society, which have announced escalations in their rates on fixed-rate mortgage deals in recent weeks.

About The FT Advisor

The FTadvisor.com is a dedicated website for the financial intermediary market and is part of the Financial Times group. The website covers news on mortgages, investments, regulation and other key issues shaping the financial market. The website was transformed, in the early part of 2008, with the financial advisors in mind.

The FTadvisor’s unique selling point comes from the combination of content it can draw on from the Financial Advisor, Investment Advisor, Money Management and Mortgage Advisor magazines. This content is combined with the latest articles from the ftadvisor.com news team. It also provides a range of other information including online statistics services, a jobs database, blogs, and opinion and job alert emails.

About the Cheltenham and Gloucester

Cheltenham and Gloucester is a lending, savings and mortgage provider. All of the mortgage lending for Cheltenham and Gloucester comes from Lloyds TSB Bank Plc whilst its savings business is a division of Lloyds TSB Bank Plc. Cheltenham and Gloucester has a rich and detailed history spanning 150 years and has been part of Lloyds TSB since 1995.

If you are looking for a safe place to stick your savings and deposits then look no further than Cheltenham and Gloucester. Its savings and deposits business is a division of Lloyds TSB, which has been given the title of the UK safest bank and the world sixth safest by Global Financial Magazine. Lloyds TSB was also vote Britain’s most trusted bank in a poll of Reader’s Digest readers for the 8th year running.