Communication between mortgage lenders and borrowers ‘is improving’

Posted 22/02/2011

Mortgage lenders are improving their communication with their borrowers, which suggests that more people could require the service of a residential conveyancing solicitor.

Andy Pratt, chief operating officer at mortgage adviser Alexander Hall, said there has been poor communication between those borrowing money and financial services providers in the past.

However, he noted that with the increasing use of email, this is steadily improving.

He stated that this is helping to keep people up to date about the property market as they are constantly being informed of the rate changes.

This is an improvement from a few years ago as mortgage providers used to issue papers for notification of rate changes, which Mr Pratt suggested are “not necessarily going to get through”.

This comes after Timothy Lambert, of consulting firm Ducalian, said the mortgage industry needs to do more to encourage more first-time buyers to get on the property ladder, as they are struggling to provide the large deposits needed to purchase a property at the moment.