22 Feb

Better communication between lenders and customers

Better communication between lenders and customers

People looking for houses for sale in 2011 could benefit from improved communication between mortgage lenders and their customers.

Halifax mortgage customers will receive goodwill payments to compensate for confusion caused by document wording.

Lloyds Banking Group reached an agreement with the Financial Services Authority following a customer review.

The bank has will provide £500 million in payments, which could help to restore the confidence in its relationship with customers.

Improvement in communications between lenders and borrowers could make people feel more confident about buying houses for sale in the UK.

Alexander Hall says communication is better than it has been in previous years for UK mortgage customers.

Andy Pratt, chief operating officer at Alexander Hall, said: "Communication is increasing 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."

Communication can be difficult if customers don't read documents and correspondence, he added.ADNFCR-1222-ID-800420648-ADNFCR

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