Sally Laker, managing director, Mortgage Intelligence commented: “Interestingly the mood was upbeat, brokers felt tested but not beaten. They were hungry for new products to sell, and ready to try new ideas to generate additional income. Brokers were farming their client banks but open to ideas of how often and when, and what other ways there were of introducing additional business opportunities. They were still unhappy about dual pricing although many had realised that some of the direct products came with a sting in the tail such as high arrangement fees and this enabled brokers to sell against them.”
Feedback showed that many proactive brokers are exploring new avenues to replace lost income from traditional mortgage sales and some are finding that this proactive approach is already bearing fruit. This has created a valuable cushion in terms of new income to fully or at least partly replace lost mortgage business.
