Brightstar Financial has responded to introducers’ reports about the threat to clients’ hopes of house purchase due to the frequency of down valuations, by offering a free valuation on the next property found by the client, when the mortgage application is made through Brightstar.
The distributor says it has been monitoring rising dissatisfaction from brokers and clients about the growing number of cases of property being down valued particularly at the lower end of the residential property market. The company has also reviewed its fee structure and reduced its fees to help potential buyers.
Rob Jupp, chief executive officer at Brightstar Financial, believes the continuing problem of down valuation is being obscured by positive news from the resurgent lending market.
He said: “We can all get carried away because at last there are some good things taking place in our market. However, down valuation is still very much a sad fact for too many potential customers, which ruins their plans and puts them to extra expense. So we have decided to do something about it and will pay for the next valuation when they find a new property where we can help place the mortgage.
“We want to see more people in their own homes. Our offer is designed to offset the costs for people who have had their plans thwarted and give them a leg up. At the same time, we have reviewed our fee structure to further help our introducers and their clients and as a result we are confident we offer one of the most competitive packages in the market.”