Robert Sinclair, director of the Association of Mortgage Intermediaries, said the scheme promoted by Prime Minister David Cameron was an opportunity for mortgage brokers to educate their local MPs by bringing them into their office for a day.
He told Mortgage Introducer: “This would be an excellent opportunity for our elected representatives to see firsthand the difficulties their constituents are having in obtaining even affordable mortgages.”
And he added: “There are a significant number of creditworthy constituents who are finding it difficult to meet the stringent criteria being applied by lenders and direct exposure to the issues would do much to help identify where the real issues lie.
“Local firms who want to undertake this should contact their local MP.”
David Cameron, currently in Tripoli, Libya, has spent time visiting small businesses in his West Oxfordshire constituency and praised the region’s diverse range of firms.
Writing in support of the initiative the Prime Minister said: “The Coalition Government is committed to making the coming decade the most entrepreneurial and dynamic in Britain’s history.
“To make this a reality, we need to understand the real issues that small businesses face on a day-to-day basis and use that information to help ensure that entrepreneurs are given every opportunity to successfully start and grow their businesses.
“I would encourage all members of Parliament to take advantage of this opportunity to find out what it is really like to run a small business and to gain a better understanding of the many issues faced by small businesses across the country.”
Rob Killeen, director of London-based broker Capital Fortune, thought it would be a great idea.
He said: “It has become clear that the majority of MPs currently serving have little business experience.
“They are often recruited from the echelons of student unions through to parliamentary researchers and then to parliament.
“In light of this MPs would do well to get involved at the coal face of British industry as they would learn from this experience and would take a more business friendly approach.”
Mike Fitzgerald, director of Essex-based broker Brentwood Financial, agreed it was an excellent opportunity for brokers to engage with government.
He said: “My MP is Eric Pickles, secretary of state for local government, and I am lucky that he has been very sympathetic about the Mortgage Market Review.
“He understands what brokers go through. But a lot of these MPs have no idea. Of course it would be a good idea to get them into these businesses to see the sort of problems that brokers face.
“I think there would be a fair number of MPs interested in doing this as well.”
And Andrew Montlake, communications director at Coreco, added: “This is a great idea. Too often MPs in Westminster are divorced from the real world and don’t know what’s going on at the sharp end.
“This is a chance to engage with government and show them what’s going on – especially in our industry with all the regulatory change from Europe as well as in the UK.
“If we can show MPs the effect of that regulation on us and on consumers as well that would be a good thing.”
Cabinet Office minister Oliver Letwin, Business Secretary Vince Cable, Shadow Education Secretary Andy Burnham and Green Party leader Caroline Lucas are among the MPs, MSPs, Welsh Assembly members and MEPs to have signed up to Business Buddy.
The scheme came into being following FPB research in which almost three quarters (74%) of members surveyed called on their elected representatives to focus on small businesses in their constituencies.
Business Buddy is part of the Forum’s Get Britain Trading campaign, which is being supported by politicians, entrepreneurs and business leaders including the former Dragons’ Den star James Caan.
The campaign aims to raise awareness of the important economic role played by small businesses and tackle the barriers preventing small businesses from growing and creating jobs.
