Key Consumer Duty developments and recent communications issued by both AMI and the FCA, with commentary on implications for mortgage intermediary firms…
Due to lengthening pipelines, there is an increased likelihood that where mortgage offers are extended, the valuation connected to the mortgage may have expired/is due to expire at an earlier date.
Firms should be mindful of this and may wish to monitor mortgage valuation expiry dates on offers that have been extended. Firms may also wish to consider making the customer aware that the offer may lapse without a new valuation.
Whilst we’re aware that mortgage intermediary firms tend not to hold valuation information and firms have different approaches, the outcome of a recent FOS case (FOS reference: DRN-3348050) brought this subject to AMI’s attention. We felt it important to communicate to the wider membership.