Money Partners and Swift are in the process of appointing teams that will specialise in the separate sectors of the market, with the aim of giving the broker a better service proposition.
John Webster, CEO of Swift, commented: “When I came into the business from the mortgage market, it seemed unnecessary to have different sales forces. However, now I’ve seen the differences in products and processes so if you are doing both then you need to have a separate sales force.”
The secured loans market has been coming into greater focus, both among intermediaries and lenders, so those lenders who are established in the market are determined to maintain their market share.
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Bob Sturges, director of communications at Money Partners, believed the situation was similar to that of the non-conforming sector at the turn of the century.
“Existing players are having to adjust their positions to protect market share so they are investing in specialist sales teams to focus on secured loans and the brokers that sell them. We think we have to do this to secure our position.”
Steve Walker, managing director of Promise Finance, said:
“It makes sense as, going forward, it’ll be less about relationships and more about the products being right, especially as best advice is so important.”
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