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Coventry pledges ‘no linked products’
07 September 2010
Coventry Intermediaries has pledged not to offer linked products as part of its mortgage portfolio. In an extension to the original six pledges it made in 2007, the building society said that linked mortgage deals, requiring customers to take additional products such as insurance policies to qualify, would never be part of its remit. Colin Franklin, sales and marketing director at Coventry Intermediaries, said: "We were the first lender to make public commitments to the sector and we have remained true to them throughout the economic downturn. Saying no to linked products is a logical extension to our pledges which includes no dual pricing and notice of product withdrawal." Dev Malle, sales and marketing director at PTFS, commented: "The pressure on Coventry Building Society to pull back on its pledges has never been greater. Instead, it has strengthened them. I sincerely hope my colleagues in the intermediary sector do not underestimate the value of these pledges and appreciate how important pledges such as no dual pricing are at the moment." Ben Thompson, director of mortgages at Legal & General, said: "Coventry's approach towards intermediaries throughout a difficult few years has been completely refreshing. No linked sales means Coventry respects the intermediary's need to advise fully around the mortgage transaction and earn a sensible living." In addition, Coventry is carrying out a broker survey to find out what intermediaries think of its service, which can be found on its website. Published by Mortgage Solutions
