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Posted by Emily Jones

Homeowners are now enjoying clearer and enhanced levels of communication with lenders with regard to any alterations being made to home loan products.

That is the view of Andy Pratt, chief operating officer at Alexander Hall, who has said that the relationship between the two parties in terms of how well changes to packages are announced is "better" in 2011 than in previous years.

Mr Pratt explained that while communication from banks and building societies in the UK had historically been poor due to factors such as the unreliability of postal letters, this trend is now showing signs of changing.

"Now with a lot of people using email, as long as they keep that up to date, then I think they will be kept informed," he added.

These comments came after the Financial Services Authority reached an agreement with Halifax recently that will see the lender pay out £500 million to borrowers who were given unclear information about their mortgages.
 

28/02/2011 15:04