"We’re committed to supporting our member firms through challenging times, and therefore have built what we believe is the first Directory of its kind in the mortgage market, to outline the withdrawal policies and criteria of the majority of lenders currently on our panel."
- Richard Howes, director of mortgages at Paradigm
This Directory is set to include the Product Withdrawal policies of over 50 lenders currently on the Paradigm lender panel and will categorise each of the listed lenders’ expected product notice period by 24 hours, 48 hours, 48+ hours, unspecified, or no set timeframe.
The distributor has said that its intention was to provide clarity to adviser firms who could then use this information in their lender selection, offering detailed commentary on price, criteria, affordability, financial strength and product transfer policies.
Paradigm has confirmed that its Lender Product Withdrawals Directory will be maintained and updated as it receives further information, providing a “living and breathing document that firms can tap into whenever they need to.”
Commenting on this announcement, Richard Howes, director of mortgages at Paradigm, has said:
“There’s no doubt that, in a very volatile mortgage market recently, the issue of product withdrawals and specifically the notice period provided to advisers and their clients has been a hot topic.
“There have been calls for an industry-wide commitment to at least 24-hours’ notice and we know that very short notice periods for either product pulls or rate changes, heap a significant amount of pressure on advisers and lenders which increases their workload considerably.
“Our aim here is to provide an extra layer of information and education to advisers which they can build into their research work for clients, and they can utilise in order to come to their final product/lender recommendation.”
