Brokers react to product withdrawals on cherry forum

26 June 2023

Brokers have vented their frustration about short notice product withdrawals on the cherryplc.co.uk Adviser Forum.

Just one thread of several on the popular broker forum, has already received nearly a thousand views and 60 comments, revealing the frustration that brokers are feeling about the short notice lenders have provided on product withdrawals in recent weeks.

One broker commented: “I don’t recall this carnage in 2008/2009. We had huge numbers of product withdrawals but nothing like this.”

Another added: “I understand lenders have to be able to react quickly however to pull rates on Sundays, at 4pm for 5pm deadline. 15 mins notice, email on a Monday morning saying rates were withdrawn on Friday etc is not treating customers or us fairly. I am not expecting miracles from this. We have to be reasonable and understand that things change quickly for lenders’ funding. One full working day is what I think is reasonable given the challenges that both sides face. I can manage as long as the withdrawal isn’t the same day.”

Other brokers have stated that 48 hours notice is needed and have been more vehement in their criticism of lenders, with one saying: “This takes the mick! It shouldn’t be allowed.” Whilst another added: “These lenders shouldn’t be able to get away with this.”

As well as the short notice given on product withdrawals, brokers have used the thread to vent their frustration about the long waiting times on the phone to high street lenders and contemplated the possibility of booking fees.

Donna Hopton, Director at cherry, said: “The cherry broker forum gives brokers a secure environment where they can share their frustrations and ideas. Clearly, the biggest issue for them in recent weeks has been lenders withdrawing products at short notice and we have seen a big increase in activity on the forum, particularly when it comes to this topic. In fact, during May, 3,441 unique users logged onto cherryplc.co.uk compared to 2,514 in April. In all, during May the site received 15,544 visits compared to 12,146 the previous month. In total in May, there were 171 new topics started and 1,483 posts made. This demonstrates the important service the forum provides to the industry, especially during challenging periods, as it allows brokers to support each other and identify possible solutions to the problems they are facing.”