Respondents have seen between a 20 to 50% income fall since last year and with gross mortgage lending down 36% since the same time last year [according to the CML, this unlikely to change in the near future. BDS Mortgage Group is actively encouraging brokers to look for alternative income earning opportunities and their recent 'Beat the Credit Crunch' event was attended by over 85 delegates who spoke with lenders and providers alike about alternative income generators such as income protection products.
The survey showed that as little as 35% were offering income protection products yet an average deal could earn a broker as much as £400-500 - so it's an area that could really boost cashflow.
Bob Hope, sales & marketing director commented: "I am as ever astounded that brokers are not placing more emphasis on income protection either for their clients or for themselves. With uncertainty creeping into the whole economy about financial security, unemployment and housing I would have thought it was an easy sell and certainly I am heavily promoting this with our network members and urge all brokers to look again at this area."