Co-op move could be just the beginning, warns conveyancing portal

Published on

OpenConvey is warning that many lenders could follow the example of the Co-operative Financial Services (CFS) and remove sole practitioners from its panel.

The owner of the Britannia Building Society has followed through its threat of 5 October and axed 3,600 sole practitioners from its panel.

The online conveyancing referral portal believes that lenders will see the action of the Co-op as an opportunity to follow suit and intermediaries will have to look elsewhere for the personal service they have received from the sole practitioners they have recommended to clients.

Steve Maine, managing director of OpenConvey, said: “The Co-op’s action could well be just the opening salvo by lenders against sole practitioners on their panels. The impact on intermediaries and their clients

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

NatWest improves international property buyers’ mortgage accessibility

UK mortgage brokers can now access NatWest International via the NatWest Broker Portal. This move...

Aspen Bridging promotes senior quartet

Aspen Bridging has made four key strategic senior promotions. The appointments have been made to...

Pluto Finance hires Wales lending director

Pluto Finance has appointed Stephen Ryan as lending director for Wales, strengthening its commitment...

Simplify recruits 82 trainee conveyancers in National Conveyancing Week initiative

Simplify has announced the recruitment of 82 trainee conveyancers as part of its newly...

Other news

NatWest improves international property buyers’ mortgage accessibility

UK mortgage brokers can now access NatWest International via the NatWest Broker Portal. This move...

Aspen Bridging promotes senior quartet

Aspen Bridging has made four key strategic senior promotions. The appointments have been made to...

Pluto Finance hires Wales lending director

Pluto Finance has appointed Stephen Ryan as lending director for Wales, strengthening its commitment...