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MI comes to rescue of elderly lifetime client

Ramesh Sharma

June 1, 2004

Kathleen Tedstone, director of Helen Brown Financial Services Ltd, contacted MI after one of her elderly clients was ‘worrying herself to death’ about her lifetime mortgage case placed with MEX.

She told MI that although the lender agreed to make special arrangements and accept the case, which fell outside its normal lending criteria and the BDM was also aware that any delay or extra stress could easily upset and make the client ill, MEX had continually delayed the case.

Tedstone explained: “Our client is in her 70s and has an unhappy life history. She lost her daughter at age 27 and lost her husband at 51. Because of our professionalism we asked our BDM if the existing plan she had with MEX could be transferred to a retirement apartment which was outside its normal lending criteria. This was the only way the client could afford to move to a more appropriate home.

“This was passed to Roger Hillier, product development manager at MEX, who, given the client’s circumstances, was happy to accept this. This conversation was on 27 September. However, since then we have submitted the application, copy of lease and breakdown of services which still has not been agreed by the underwriter even though we had agreed this prior to submission.

“If this was myself I would be angry but when you have a client in their 70s who could be your mother being messed around, I am concerned that someone is not taking this more seriously.”

Although Hillier told MI that the hold-up was due to concerns with the terms and conditions of the lease, he said MEX will now lend on the property after reviewing the case again.

Hillier said: “We’ve written to the client and apologised for any stress caused. But we did make it clear that it was outside our criteria and this type of case takes time. After reviewing it again we have decided to lend on this occasion. We want to be flexible as possible.”

Tedstone said: “I would like to thank Mortgage Introducer for all its help.”


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