Coventry Intermediaries has pledged not to offer linked products as part of its mortgage range. Linked products require borrowers to take additional products such as insurance policies or savings products to qualify for a specific mortgage product. This can result in borrowers taking out products which may not be the most suitable for their needs.
This brings its total number of ‘pledges’ to seven. The Coventry was the first lender to introduce pledges in 2007, making six key commitments to intermediaries including a promise not to dual price and not to cross sell.
Colin Franklin , sales and marketing director, said: “We were the first lender to make public commitments to the sector and we have remained true to them throughout the economic downturn. Through our pledges we aim to help brokers to give the best possible advice to their clients. Saying no to linked products is a logical extension to our pledges which includes no dual pricing and notice of product withdrawal.