Coventry Mortgages lauds 'logical' pledge

Date:Wednesday 8th September 2010
Author: Max Freedman

A senior representative from Coventry Mortgages has claimed it is a logical step for the company to pledge against linked products.

Colin Franklin, sales and marketing director at the company, noted that it made sense to promise not to make such requirements of customers, since the aim is for brokers to be able to give the best advice.

Linked products are additional products organisations insist on clients signing up for if they want to qualify for a particular promotional rate or offer.

"We were the first lender to make public commitments to the sector and we have remained true to them throughout the economic downturn," noted Mr Franklin.

In 2007, the firm made six commitments to intermediaries regarding certain practices Coventry Mortgages would promise not to carry out.

The firm's intermediaries arm recently announced the launch of several new first-time buyer and residential mortgages, including a two-year fixed-rate up to 85 per cent loan to value, at 5.85 per cent interest.