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Loan protection: Relationship between borrowers and lenders 'improving'

The relationship between lenders and borrows is "improving", which may come as good news to those looking for loan protection.

Andy Pratt, chief operating officer at Alexander Hall, a company that provides independent mortgage advice, claims that there is better communication between the two in terms of rate changes.

He said: "Historically they have tended to use papers for notification of the changes in rates [which] are not necessarily going to get through.
"I think it is difficult to keep the communication going with everybody because ...a lot of people don't read it … I think communication is increasing now with people largely receiving notifications by email."

Mr Pratt added that borrowers will be more informed in the future in regards to rate changes.

Lloyds Banking Group recently announced that it had reached an agreement with the Financial Services Authority to initiate a customer review and contact programme that will address outstanding concerns with the variation of limits of some retail mortgage contracts.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.
 ADNFCR-2776-ID-800420348-ADNFCR



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