Convex Conveyancing's managing director, Duncan Samuel has advised brokers that any partnerships they forge now will be crucial to their future income.
“With mortgage business levels predicted to fall by around 20 per cent and the value of the of the market set to fall by between £50-£100 billion due to the fallout from the recent credit crunch, brokers should fully exploit all opportunities to recoup a potential drop in income. A mortgage broker can earn around £200 commission for each purchase and sale referral, for no extra work or financial outlay," he said.
However Samuel urges brokers not to rush into these partnerships and instead choose wisely: "There are many providers out there promising an online service, but very few that actually provide the whole service electronically.
"Ultimately, a mortgage broker introducing such a system to the client will get the praise for speeding up the process and in a win-win situation; they also make commission on the deal”.
