Brokers have reported that a number of high-street lenders have started to take on and complete more mortgage applications within branches, a move Alan Lakey, senior partner at Highclere Financial Services, believed was becoming more common.
Lakey said: “It seems to be a growing trend that lenders are actively trying to complete more business through their high-street branches with borrowers coming straight through their doors and completing the whole mortgage application process with the lender. It’s as if the industry has gone full circle.”
“Direct business is definitely becoming more prominent again which seems a little strange because up until relatively recently lenders were keen to leave all the paperwork and organising of mortgage deals to brokers because of the time, cost and staff resources needed to go through a mortgage application.
But with both Portman and Leeds building societies seemingly encouraging business volumes straight through the doors of their branches it appears the industry has seen another change and is reverting back to the direct approach,” Lakey added.
However, Jeff Kirk, corporate relations manager at Leeds Building Society, dismissed speculation that direct business from borrower to building society had increased and announced improved commitment to the broker community.
“The support we receive from intermediaries is extremely important to us and we are fully committed to the broker sector. Leeds Building Society is constantly striving to improve what we offer to the intermediary market,” he said.
