Research, conducted at Mortgage Business Expo this month by borro, a short-term loan solution for introducers and advisers, found 60% of survey respondents thought the market would not improve next year. It also found that nearly 40% of mortgage brokers believe high loan to value ratios to be the biggest hurdle for their clients in 2010.
A client’s ability to prove their income was a big obstacle in 2010, with 21% of respondents saying this was one of the biggest challenges facing the industry over the last 12 months. Only 13% felt that high house prices had been the biggest challenge of the past year.
Commenting, Paul Brett, business development director at borro, said: “We’ve identified a gap in the market for a short-term finance solution for brokers to offer to clients that provides the introducing broker excellent commission rates. borro Introducer is a program for intermediaries that fills this gap, and advisers can now introduce their clients to a fast and easy way to access cash, without lengthy paperwork and set up costs.”
The borro Introducer programme has no set-up, extension, redemption, exit, expiry or penalty fees for clients, providing the ideal short-term loan solution. Loans of £1,000 to £1,000,000 can be secured against assets including jewellery, watches, fine art, antiques, sculpture, luxury cars, light aircraft and other high value items.
