An ‘in the loop’ campaign that has been launched by Mortgage Strategy has the backing of the Association of Mortgage Lenders. The aim of the scheme is to allow client information to be accessible by brokers, which will allow brokers to provide a better on-going service to its clients, particularly if they fall into arrears.
The Association of Mortgage Lenders has a form on its website, which customers can sign to say they agree to their information being shared between lenders and brokers. Currently, Accord Mortgages are the only provider who does advise the broker if a mortgage account fails into arrears.
Our view
This is welcome news, as advisers such as ourselves can help clients who get into difficulty, perhaps when they think there is nowhere to go. This information has not been shared before due to the Data Protection Act, however, when this has been looked at in more detail, there is nothing forbidding the sharing of this information.