Aldermore Publicly Confirms Three Major Pledges To Support Brokers

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Aldermore today announces three brand new pledges for its broker partners. The lender’s public display of commitment comes 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.

Here are Aldermore’s three pledges to brokers in full:

  1. We will give you at least one full working day’s notice of any product withdrawal and give you 10 days to convert a DIP into a full mortgage application.
  2. We will let you select a cheaper rate for your client at any time up to completion with no charge for you or your client.
  3. We will contact you up to 6 months before your client’s deal matures, so you can help them decide what to do next.

Nicola Goldie, head of strategic partnerships at Aldermore, comments: “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 first pledge is 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.

Aldermore is one of the first lenders to stand up and pledge a full day’s notice to help brokers and their clients in these challenging times.

Andrew Montlake, managing director of Coreco, adds: “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.”