Alliance & Leicester point to longer mortgage process

22 October 2004
Alliance & Leicester's head of mortgages has said customers could be forced to wait longer for a loan after the introduction of new industry rules.

Paul Cooper said that customers could minimise the length of time they have to wait before receiving the loan by deciding how much they need to borrow in advance and by shopping around ahead of time.

"Consumers won't be able to just pop into a few branches during their lunch break to get three or four 'quick' quotes," he said.

But added: "On the whole Alliance & Leicester welcomes mortgage regulation, however there are some issues that consumers will need to be aware of post M-Day.

"We believe new processes and documentation introduced, such as the Key Facts Illustrator (KFI) will provide borrowers with a better understanding of mortgages and a greater degree of transparency to compare and contrast mortgage products.

"We are likely to have a more confident and better informed borrower in the future."

The new rules come into force on November 1st.
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