Morris said that brokers in pre-credit crunch phone books who were no longer in business would be able to provide a wealth of clients who may be looking for a new broker.
He said: “Browse through a phone book and look up old mortgage brokers and see whether they are in business or not. If not then ask them if they would like to do business on an introducer basis from their old client book.
“Everyone wins. They get an introducer fee and you receive quality leads because you know those customers are aware and interested in their personal finance.”
Morris added that the negative economic environment would also be a boon to selling protection products as clients would be more receptive in times of employment uncertainty.
He said: “In a positive environment when a lot of these now brokerless customers took out their mortgages, people were less likely to be concerned about being able to pay off their mortgage payments.
“Now, when companies are far more likely to make redundancies, it will be far more likely that these same people will be looking for protection products.”
Alan Cleary, managing director at Precise Mortgages, added: “There should now be more mortgage cases per broker. Brokers still need to do their due diligence on any potential leads source of course.
“By my calculations there are 8% more mortgage cases per broker than at the peak in 2007. Intermediaries can thrive in today’s market.”
