Today is the last day a mortgage broker will be able to submit mortgage business to Cheltenham & Gloucester. This is the latest stage of the Lloyds Group restructuring process which will be a sad loss to the majority of mortgage brokers.
C&G had a number of differences with their underwriting criteria which assisted brokers and clients alike with specific requirements. The public will still be able to access C&G products but moving forward how can a broker assess whether C&G will be able to help clients when we are ‘out of the loop’? Many clients just don’t have the time nor the inclination to visit or call C&G so do we just ignore them? Rest assured advisers at Fenton Simpson will do their utmost to consider C&G as an option as we do with other ‘direct to lender’ institutions.
I can’t help but wonder if the brand can survive in today’s market.